Results for all periods reflected the reconsolidation of the company's men's apparel division, which had previously been classified as a discontinued operation.

Analysts estimated that the sale of the apparel division for $500 million or more would, by itself, not be enough to better the $70 Rales offer.

The apparel division of Naturally Advanced is now called HTnaturals.

"This will really put the women's apparel division into the prove-it stage," Ms. Ladd said.

But the apparel division, which had been one of the company's weakest divisions, earned $19.1 million, up from $15.2 million.

The company's prospects remain clouded, however, by the poor performance of its women's apparel division.

Sales by the intimate apparel division rose 7.1 percent, to $156.8 million, in the most recent quarter, Ms. Wachner said.

Earlier this month, Ward said it had hired Robert Connolly to be executive vice president and the head of its apparel division.

The Limited had gains of 4 percent, but no thanks to its women's apparel divisions, all of which had very poor months.

Its apparel division, which includes the London Fog label, has performed poorly in recent years.