While the cool wintry weather has lingered in various parts of the country, things are starting to heat up in specialty retail. Last night, Limited Brands (NYSE:LTD) raised its quarterly profit target on account of same-store sales growing by better than 10% in March. The mallrat behind the Victoria's Secret, Bath & Body Works, and Express concepts expects to earn between $0.11 and $0.13 during this typically lean seasonal quarter. It had previously projected a more modest $0.09 showing.

Limited has never been a boring stock to watch. It has kept the investing community on its toes by spinning off rising chains like Abercrombie & Fitch (NYSE:ANF) and Too (NYSE:TOO). It did the same thing when it paired Victoria's Secret and Bath & Body Works as Intimate Brands, before buying it back two years ago.

Even the upbeat announcement comes with equity strings attached. The retailer is in the process of a Dutch Auction to buy back $1 billion worth of its own stock this month and it wants its shareholders to know what they would miss out on by tendering their stakes.

It's not as if the company needs to persuade investors against redeeming their shares in the company. Limited's balance sheet is flush with just over $3 billion in cash and short-term investments, so it can certainly afford the showy buyback. The stock has also risen by better than 40% over the past year so with momentum on its side and a peachy prognosis it makes sense to buy as many shares back as it can before the shares climb even higher.

With a healthy 2.4% yield that might make Income Investor fans take note and an improving economy emancipating pent-up shopping sprees maybe Limited's upside is, in fact, unlimited.

Have you been kicking in to Limited's cheery March? What does your spring collection look like? Hot fashion or Slinky toys? Should you ditch that plaid leisure suit or pinstriped poodle skirt once and for all? All this and more -- in the What to Wear? discussion board. Only on Fool.com.

Longtime Fool contributor Rick Munarriz doesn't consider himself a snappy dresser -- unless there are snaps involved. He does not own shares in any company mentioned in this story.