Limited Brands’ profit falls 66%
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Limited Brands Inc. said its third-quarter profit dropped 66% as sales fell in the tough economy. But the results beat analysts’ expectations.
The Columbus, Ohio, operator of Victoria’s Secret and Bath & Body Works says it earned $4.17 million, or a penny a share, down from $12.1 million, or 3 cents, a year earlier. Excluding year-earlier gains related to asset sales, however, the company swung to a profit.
Revenue fell 4% to $1.84 billion. Sales at stores open at least a year, a key measure of retail health, dropped 7%.
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