* Q1 eps 1 cent vs Wall Street view for loss of 3 cents

* Cost cuts offset softer sales

* Q1 sales fall 10.4 pct

* Limited raises 2009 eps forecast

* Shares rise 3 pct after hours

NEW YORK, May 20 (Reuters) - Limited Brands Inc (LTD.N: Quote, Profile, Research) on Wednesday reported a surprise quarterly profit as cost cuts offset softer sales at the operator of the Victoria's Secret and Bath & Body Works chains, and its shares rose 3 percent after hours.

The company, which has shed jobs and frozen salaries in aggressive cost cutting, also raised its full-year forecast.

Limited shares were up 34 cents at $12 in after-hours trading, after closing at $11.66 on the New York Stock Exchange on Wednesday.

Net income came in at $2.6 million, or 1 cent a share, in the first quarter ended May 2, compared with $96.8 million, or 28 cents a share, a year earlier, the company said in a statement.