Limited Brands Sees 92% Plunge in Profit

Limited Brands says profit plunges 92% in the first quarter.

Author:: Jeanine Poggi
Publish date:: May 20, 2009 5:19 PM EDT

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.