Limited Brands' 1Q net income falls as sales slip

COLUMBUS, Ohio -Retailer Limited Brands Inc., which owns Bath & Body Works and the lingerie chains Victoria's Secret and La Senza, said Wednesday that its first-quarter net income fell as its revenue slipped.

It offered a lower second-quarter and full-year profit forecast than Wall Street expected, and its shares fell more than 3 percent after hours.

Limited Brands, which also owns the Pink and Henri Bendel brands, expects to earn 40 cents to 45 cents per share in the current quarter. That's well below the 50 cents per share analysts were forecasting before the report, according to FactSet.

For the year, Limited Brands expects to earn $2.63 per share to $2.83 per share, compared with analysts' average forecast for $2.82 per share.

For the quarter that ended April 28, Limited Brands' net income was $124.6 million, or 41 cents per share, compared with $165.2 million, or 40 cents per share, a year earlier. That met analysts' average forecast. Earnings per share rose because the company had fewer shares outstanding.

Revenue for the period fell 3 percent to $2.15 billion from $2.22 billion a year earlier, but it met analysts' average forecast.

Limited Brands' interest payments jumped 42 percent to $77.8 million from $54.7 million.

The shares fell $1.61, or 3.4 percent, to $46.35 after hours. They'd lost 9 cents to end regular trading at $47.96. The stock has traded between $31.43 and $51.84 over the past year.