A reduced forecast for a key October sales figure led shares of Limited Brands Inc. (NYSE: LTD) sharply lower on Tuesday, according to Associated Press.
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Late Monday, the operator of stores including Victoria's Secret and Bath & Body Works said it expects October sales at stores open at least a year to fall in the "low-to-mid single digits." The company, which is based in Columbus, Ohio, previously forecast flat sales from a year ago.
The company's stock dropped $1.38, or 7.1 percent, to $18.11 in afternoon trading. The shares have traded in a range of $5.98 to $19.99 over the last year.
Sales at stores open at least a year are a key indicator of retailer performance since they measure growth at existing stores rather than newly opened ones.
Limited's downward revision of its October forecast seemed to offset its improved outlook for the third quarter. The company said it now anticipates reporting between break-even earnings and a loss of 4 cents per share for the period. Its prior guidance was for a loss of 7 cents to 12 cents per share.
Analysts polled by Thomson Reuters, whose estimates normally exclude one-time items, predict a third-quarter loss of 3 cents per share.
Limited Brands plans to release its third-quarter results on Nov. 19.
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