Limited Brands Q2 profit up on strength of Victoria’s Secret, Bath and Body brands
Columbus, Ohio — Limited Brands reported Wednesday that net income for the second quarter rose a better-than-expected 29% to $231.2 million, compared with $178.7 million in the year-ago period.
It cited strong full-price sales at Victoria’s Secret and Bath and Body Works for the strong showing.
Revenue rose 10% to $2.46 billion, matching Wall Street expectations. Same-store sales rose 9%.
"Our focus on managing inventory and expenses conservatively and staying agile yielded more full-priced selling and record results," Leslie H. Wexner, Limited’s chairman and CEO, said in a statement. "As we enter the fall season, we will remain focused on our customers, and we see opportunity to continue to do better."
Ross Stores well dressed for income growth
PLEASANTON, Calif. — Ross Stores continues to deliver impressive earnings results, reporting net income of $148.3 million, or $1.28 per share for the second quarter ended July 30, compared with net income of $129.3 million, or $1.07 per share, for the same period last year.
The company reported that sales for the quarter increased 9% to $2.089 billion, with comparable-store sales up 5% on top of a 4% gain in 2010.
Michael Balmuth, vice chairman and CEO, commented, "We are pleased with our better-than-expected performance for both the second quarter and first six months of 2011. Our ability to increase the percentage of fresh name brand bargains our customers see, while also strictly controlling inventories and expenses, has enabled us to capitalize on our favorable position as a value retailer."
For the third quarter the company said it is expecting same-store sales to increase 1% to 2% and earnings per share of $1.00 to $1.04. For the fourth quarter ending Jan. 28, 2012, this company is forecasting a 2% to 3% increase in comparable-store sales and earnings per share of $1.53 to $1.59. Earnings per share for the 2011 fiscal year ending Jan. 28 are now projected to be $5.29 to $5.39, the company reported.
Hot Topic narrows loss in Q2, on track to open up to 40 net new Torrid stores
City of Industry, Calif. — Hot Topic reported Wednesday that it tightened its loss in the second quarter to $6.2 million, compared with a loss of $6.3 million a year earlier.
Revenue edged up to $150.9 million from $150 million. Same-store sales rose 2.6% for quarter.
Hot Topic said it will open 25 to 45 Torrid stores in fiscal 2012. It also plans to close 10 to 20 Hot Topic stores and about five Torrid stores next year, and remodel or relocate 40 to 50 Hot Topic stores and 10 to 20 Torrid stores.