Limited Brands net income falls

Limited Brands said third-quarter profit declined, hurt by weak sales during the abnormally warm fall, and predicted that profit would fall short of Wall Street estimates for the fourth quarter.

The operator of Victoria’s Secret and Bath & Body Works reported a profit of $12.1 million, or 3 cents a share, compared with a profit of $23.5 million, or 6 cents, a year earlier. Sales were $1.9 billion, down from $2.1 billion a year earlier when Limited Brands still owned the Limited Stores and Express apparel brands.

The results for the quarter include a one-time, pretax gain of $24.5 million, or 4 cents a share, from an asset sale.

Analysts surveyed by Thomson Financial expected earnings of a penny a share on sales of $1.9 billion.

The Columbus, Ohio-based retailer said sales at stores open at least a year, considered a key indicator of a retailer’s strength, fell 3% for the quarter.

Limited Brands said it expected to make 90 cents to $1.05 a share in the current quarter, down from $1.08 last year and below Wall Street estimates of $1.10. The company forecast negative, mid-single-digit same-store sales for November compared with its previous guidance of flat same-store sales.

Limited Brands shares closed down 1 cent at $17.53 before the earnings report was released.