WASHINGTON (dpa-AFX) - Limited Brands, Inc. (LTD) Wednesday reported a decline in profit for the third quarter, due mainly to lower revenues. The company also raised its earnings outlook for the fiscal year 2012.
Net income for the quarter declined to $73.4 million or $0.25 per share from $94.3 million or $0.31 per share in the same period last year.
Adjusted earnings were $75.6 million or $0.26 per share, down from $77.6 million or $0.25 per share in the prior year period. On average, 22 analysts polled by Thomson Reuters expected the company to earn $0.24 per share for the quarter. Analysts estimates typically exclude special items.
Revenues for the quarter were $2.05 billion, down from $2.17 billion in the comparable quarter last year. Comparable store sales grew 5 percent year-over-year. Analysts expected revenues of $2.05 billion.
Looking ahead to the fourth quarter, the company has forecast earnings in the range of $1.62 to $1.77 per share. Analysts currently expect the company to earn $1.77 per share for the the quarter.
For the fiscal year 2012, the company raised its earnings outlook to a range of $2.78 to $2.93 per share. This compares to the previous guidance of $2.73 to $2.88 per share. Analysts currently expect full-year earnings of $2.90 per share.
The company said its board of directors has authorized a $250 million share repurchase program, which includes $49.6 million remaining under the previous $500 million program.
Also, the company declared its regular quarterly dividend of $0.25 per share payable on Dec. 10, 2012 to shareholders of record at the close of business on Nov. 26, 2012.
Copyright RTT News/dpa-AFX