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Limited Q1 profit advances, raises guidance
Columbus, Ohio -- L Brands Inc., formerly known as Limited Brands, reported Wednesday that profit for the quarter ended May 4 surged 14% to $142.5 million, from $124.6 million last year. The Victoria’s Secret and Bath and Body Works parent increased its outlook for the year.
Quarterly sales rose 5% to $2.27 billion from $2.15 billion, edging Wall Street’s expected $2.26 billion in revenue. Same-store sales increased 3%. -
Rue21 to be acquired by Apax Partners in $1.1 billion deal
New York -- Rue21 shareholder Apax Partners will acquire the teen apparel retailer in a deal valued at about $1.1 billion. The private equity firm, which has a 30% stake in rue21, also owns Cole Haan and Takko Fashion as part of its retail portfolio.
Rue21 said it has set up a special committee of independent directors to solicit and evaluate higher bids during a 40-day go-shop period.