UPDATE 2-Limited Brands posts lower net profit, shaves view

(Adds detail from Dress Barn, Men's Wearhouse, Hot Topic, shares)

* Q3 EPS 1 cent vs Street expectation of nil per share

* 2008 adjusted EPS lowered to $1.20-$1.35

* Shares up 3.5 pct after-hours after 9 pct fall

SAN FRANCISCO, Nov 19 (Reuters) - Limited Brands (LTD.N), the retailer whose main chains are Victoria's Secret and Bath and Body Works, posted lower net profit on Wednesday and trimmed its full-year earnings outlook.

But the company beat Wall Street expectations by a penny in the third quarter, and shares rose 3.5 percent in after-hours trade, recouping some of its 9 percent drop during the day.

Other retailers that posted better-than-expected earnings were Dress Barn Inc (DBRN.O) and Men's Wearhouse (MW.N), but both cut their 2008 earnings outlooks amid an ongoing slump in consumer spending that has cut into apparel companies' profit and sales.

Teen retailer Hot Topic (HOTT.O), meanwhile, stood by its fourth-quarter outlook as it posted higher net income and sales during the quarter.

At Limited, net profit in the third quarter fell 66 percent to $4.17 million, or 1 cent per share, compared with the year-earlier $12.13 million, or 3 cents per share, which included gains from asset sales. Excluding gains, it posted a year-earlier loss of 1 cent per share.

Analysts, on average, had been expecting break-even earnings for the latest quarter, according to Reuters Estimates.

Operating income in the quarter rose nearly 13 percent to $41.2 million from $36.6 million a year earlier.

The company said in August it was expecting earnings to be break-even to 4 cents per share.

Limited has seen a long string of falling same-store sales, which measure sales at stores open at least a year and are a key gauge of retail performance.

Consumers have cut back on purchases of lingerie and beauty products, saving their money for essentials like food and gasoline.

To boost profits, Limited has been cutting back on capital spending, while trimming staff, overhead, inventory and store openings.

Sales fell 4 percent in the quarter to $1.84 billion from $1.92 billion a year earlier. Same-store sales, a key gauge of retail performance, fell 7 percent in the quarter.