(Updates with chief operating officer appointment, breakdown of
same store sales)
Limited Brands Inc. (LTD) lifted the low-end of its
first-quarter earnings guidance as the retailer also named a new
chief operating officer.
Limited--the parent of Victoria's Secret and Bath & Body
Works--commands a dominant position in the intimate-apparel and
beauty and personal-care segments, which has helped it post surging
same-store sales and improved margins.
The retailer raised the low-end of its first-quarter guidance by
3 cents and now expects a first-quarter profit between 38 cents to
40 cents a share.
The company also said its new operating chief, Charlie McGuigan,
will retain his current responsibilities as chief executive of Mast
Global, Limited's sourcing and production arm. McGuigan joined the
company in 2004 as senior vice president in its technology services
division.
Limited also disclosed its chief administrative officer, Martyn
Redgrave, will transition to the role of senior advisor later this
summer.
On Thursday, Limited reported its same-store sales increased 6%
in April, above the 4% increase projected by analysts polled by
Thomson Reuters.
April same-store sales were up 8% at Victoria's Secret stores,
above analysts' estimated 5.3%, and up 4% for Bath & Body
Works, above analysts' estimated 2.6%. La Senza saw a 5% decrease
in same-store sales last month, while analysts expected a 0.5%
decline.
Shares slid by 43 cents to $50 in recent premarket trading. The
stock is up 25% so far this year.
-By Nathalie Tadena, Dow Jones Newswires; 212-416-3287;
nathalie.tadena@dowjones.com