Limited Brands Sees 92% Plunge in Profit
It's also very hush, hush at Limited Brands (LTD).
Limited posted a 92% plunge in first quarter earnings, but released a measly one-page report for the quarter that had little explanation for the downturn.
During the quarter, the company earned $2.6 million or 1 cent a share, compared with $36.4 million, or 11 cents, in the year-ago period.
The company managed to beat analysts' expectations of a loss of 3 cents, as cost-cutting efforts offset lower sales.Sales dropped 10% to $1.73 billion from $1.93 billion last year, while same-store sales fell 7%. Limited raised its outlook and now expects full-year earnings in the range of 67 cents to 87 cents, up from a previous forecast of 60 cents to 85 cents per share. Second-quarter earnings should be 27 cents. Shares of Limited ended the day down 2.4% to $11.66.
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