UPDATE: Limited Posts 38% Drop In FQ2 Profit, Lifts Full-Year Forecast

Limited Brands (NYSE: LTD) reported a 38% drop in its fiscal second-quarter profit and lifted its full-year forecast.

Limited now expects full-year earnings of $2.73 to $2.88 per share, versus its earlier forecast of $2.63 to $2.83 per share. It projects current-quarter earnings of $0.15 to $0.20 per share, versus analysts' estimates of $0.24 per share.

Limited's quarterly profit fell to $143.6 million, or $0.49 per share, from $231.2 million, or $0.73 per share, in the year-ago period. Excluding items, the company's adjusted earnings came in at $0.50 per share.

Earlier this month, Limited projected adjusted earnings of $0.46 to $0.48 per share. Its sales declined 2.4% to $2.4 billion, versus analysts' estimates of $2.38 billion.

Limited shares fell 0.39% to $48.80 in after-hours trading.