NEW YORK, United States — Limited Brands Inc. rose the most in almost seven months after posting August sales that topped analysts’ estimates, led by its Victoria’s Secret lingerie brand.
Comparable-store sales rose 6 percent, the Columbus, Ohio- based company said Thursday in a statement. Analysts estimated 2.3 percent, according to Retail Metrics. Same-store sales at Victoria’s Secret also climbed 6 percent, beating the 2.3 percent average projection.
Limited Brands is working to sustain sales growth in its Victoria’s Secret and Bath & Body Works brands by bringing new merchandise into stores faster and improving customer service. Victoria’s Secret benefited from strong back-to-school demand for Pink brand products, even as the later Labor Day holiday shifted some sales into September, the company said on a conference call today.
The shares advanced as much as 5.6 percent to $90.55 in New York, the biggest intraday gain since Feb. 5. Limited Brands was little changed this year through Wednesday.
Genesco Inc., owner of the Lids baseball-cap stores, also rose Thursday after posting better-than-estimated results. Second-quarter profit was 36 cents a share, excluding some items, the Nashville, Tennessee-based company said in a statement. Analysts projected 25 cents. The shares climbed as much as 12 percent to $65.78, the biggest intraday gain since June 2011.
By: Lindsey Rupp; editors: Nick Turner and Kevin Orland.