Columbus, OH–Limited Brands, which includes Victoria Secret, Henri Bendel, Bath & Body Works, has posted a surge in first quarter profit, on the back of strong sales growth and a cash gain. Its adjusted net income for the first quarter was $82.9 million compared to $2.6 million last year.
The 2010 adjusted results above exclude a pre-tax gain related to a cash distribution from the 2007 sale of Express, of $48.7 million. Including this benefit, 2010 net income was $112.5. Same-store sales for the first quarter increased 10%, and net sales were $1.932 billion compared to $1.725 billion last year.
The company stated that it expects 2010 second quarter adjusted earnings per share to be $0.27 to $0.32 compared to adjusted earnings per share of $0.19 per share last year. Company officials say future plans call for an increase in the Canadian market and possibly entering the Mid East.