Net income for its second quarter jumped 29% to $231.2 million, or 73 cents a share, in the second quarter, up from a profit of $178.7 million, or 29 cents a share, a year ago. (The latest quarter results include non-taxable gain of $147.1 million or 47 cents a share, and a pre-tax expense of $113.4 million or 22 cents per share, related to the charitable contribution of all of the company’s remaining shares of Express, Inc. to the Limited Brands Foundation.
Excluding such items, adjusted net income for the second quarter was $150.7 million or 48 cents a share per share, compared to $120.6 million or 36 cents a share in the prior year quarter.
Revenue grew 10% to $2.46 billion from $2.24 billion in the prior year quarter. Comparable store sales increased 9%.
Analysts’ average estimate expected a smaller profit of 45 cents a share on lower sales of $2.44 billion.
“We’re pleased with our second quarter performance. Our focus on managing inventory and expenses conservatively and staying agile yielded more full-priced selling and record results,” said Leslie Werner, chairman/coo.” As we enter the fall season, we will remain focused on our customers, and we see opportunity to continue to do better.”
The company said it expects a better August sales—with comparable store sales to be in the high single digits—versus its previous guidance for low single digit growth.
Not only does the company expect better August sales than originally planned, but full-year share earnings are now projected in a range between $2.35 and $2.50, up from a previous range of $2.25 to $2.45.
Analysts’ average estimate expects earnings of $2.46 for its full year.