Limited Brands 1Q Profit Is Better Than Expected

Limited has faced falling sales as consumers curb spending during the recession, but it has cut its costs in response. General, administrative and store operating expenses fell 11 percent during the quarter.

Limited now expects 2009 profit of 67 cents to 87 cents per share, up from earlier estimates of 60 cents to 85 cents per share. Analysts forecast profit of 74 cents per share, on average.

In the second quarter, the company predicts it will earn 11 cents to 16 cents per share, down from 27 cents per share a year ago but in line with analysts' average estimate of 11 cents per share.