Victoria's Secret parent L Brands 1Q profit up

L Brands, owner of Victoria's Secret, Bath & Body Works, says 1Q profit rises 14 percent

Associated Press

COLUMBUS, Ohio (AP) -- L Brands Inc., which owns stores including Victoria's Secret and Bath and Body Works, reported Wednesday that its fiscal first-quarter net income increased 14 percent and nudged up its outlook for the year.

The company, which was formerly known as Limited Brands, earned $142.5 million, or 48 cents per share, for the quarter that ended May 4. That's compared with $124.6 million, or 41 cents per share, earned in the first quarter last year.

Revenue rose 5 percent, to $2.27 billion from $2.15 billion. The company's revenue from stores open at least a year, considered a key indicator of performance as it strips out newly opened and closed sites, increased 3 percent.

Analysts polled by FactSet were anticipating earnings of 46 cents per share on revenue of $2.26 billion.

The Columbus, Ohio, company owns the Victoria's Secret, Pink, Bath & Body Works, Henri Bendel and La Senza brands. It operates 2,616 stores in the U.S.

For the current quarter, L Brands forecast earnings between 50 and 55 cents per share, bracketing analyst expectations. For the year through January, the company lifted its outlook for per-share earnings by 3 cents to $2.95 and $3.15. Analysts had forecast $3.13 per share for the year.

Shares increased 13 cents to $51.60 in after-hours trading. The company's stock fell 48 cents to close at $51.47, up 9 percent in 2013.

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