Columbus, Ohio Limited Brands Inc. said Wednesday its first-quarter earnings nearly doubled on an asset sale.
The operator of Victoria's Secret and Bath & Body Works said it made $97.8 million for the quarter ended May 3, compared with a profit of $52.9 million a year ago. Sales fell 17% to $1.9 billion from $2.3 billion, while same-store sales declined 8%.
Last year, Limited Brands sold much of Express to affiliates of private-equity firm Golden Gate Capital and transferred much of its interest in Limited Stores to affiliates of buyout firm Sun Capital Partners. The moves effectively put Limited Brands out of the apparel business to focus on beauty products and lingerie.
Limited Brands' statement did not say what the asset sale entailed.