Limited Brands reported net income of $124.6 million ($0.41 Diluted EPS) for the first quarter ended Apr 28, a 25% decrease over the year-ago period. Excluding certain significant items, adjusted net income fell 4%, adjusted operating income increased 10% and adjusted EPS rose 2%. Net sales declined 2.8% to $2.154 billion, while same-store sales rose 7%, the 10th straight gain after 9 consecutive quarterly declines. Total sales were negatively impacted by the sale of the third party apparel sourcing business in the beginning of November 2011 – excluding this effect, net sales would have increased 7.5%. Same-store sales by segment for the quarter were: Victoria’s Secret stores +9%, La Senza -1%, Bath & Body Works +6%, and direct-to-consumer increased 4.0% to $382.0 million.The company currently expects fiscal 2012 earnings per share to be between $2.63 and $2.83, including earnings per share between $0.40 and $0.45 in the second quarter, and a February comparable store sales increase in the mid to high-single digit range, versus its previous estimate of up low single digits.
