Home / Knowledge / News / Apparel/Garments / Limited Brands says net income falls in last quarter
Limited Brands says net income falls in last quarter
24
Feb '12
Limited Brands Inc reported 2011 fourth quarter and full-year results. Adjusted earnings per share for the fourth quarter ended Jan. 28, 2012, which exclude certain significant items as detailed below, increased 19 percent to $1.50 compared to $1.26 for the quarter ended Jan. 29, 2011. Fourth quarter adjusted operating income was $786.5 million compared to $713.5 million last year, and adjusted net income was $459.2 million compared to $419.7 million last year.

Including the significant items below, reported fourth quarter earnings per share were $1.17 compared to $1.36 last year; operating income was $641.1 million compared to $713.5 million last year; and net income was $359.4 million compared to $452.3 million last year.

Significant items are as follows:
In 2011 (totaling to a charge of $0.33 per share):
• A pre-tax gain of $110.8 million, or $0.32 cents per share, related to the sale of our third party apparel sourcing business;
• A pre-tax, principally non-cash charge of $256.1 million, or $0.74 per share, related to intangible asset impairment and restructuring charges, including store closures, at La Senza; and
• A tax benefit of $28.4 million, or $0.09 cents per share, related to certain discrete tax matters.

In 2010 (totaling to a benefit of $0.10 per share):
• A pre-tax gain of $44.9 million, or $0.09 per share, related to the sale of Express stock; and
• A pre-tax gain of $7.1 million, or $0.01 per share, related to an Express dividend payment.

The company reported a comparable store sales increase of 7 percent for the fourth quarter ended Jan. 28, 2012, compared to the fourth quarter ended Jan. 29, 2011. The company reported net sales of $3.515 billion for the fourth quarter ended Jan. 28, 2012, compared to sales of $3.456 billion last year.

Total sales were negatively impacted by the sale of our third party apparel sourcing business in the beginning of November 2011.

Adjusted earnings per share for the year ended Jan. 28, 2012, which exclude certain significant items, increased 26 percent to $2.60 compared to $2.06 for the year ended Jan. 29, 2011. Adjusted operating income was $1.546 billion in 2011 compared to $1.284 billion in 2010, and adjusted net income was $817.3 million compared to $684.5 million in 2010.

Including significant items, reported 2011 full-year earnings per share were $2.70 compared to $2.42 in 2010; operating income was $1.238 billion compared to $1.284 billion in 2010; and net income was $850.1 million compared to $804.8 million in 2010.

The company reported a comparable store sales increase of 10 percent for the year ended Jan. 28, 2012, compared to the year ended Jan. 29, 2011. The company reported net sales of $10.364 billion for the year ended Jan. 28, 2012, compared to sales of $9.613 billion last year.

2012 Outlook
The company currently expects 2012 full-year earnings per share to be between $2.60 and $2.80, including earnings per share between $0.35 and $0.40 in the first quarter.

The company expects to report a February comparable store sales increase in the mid to high single digit range, versus its previous estimate of up low single digits.

Limited Brands, through Victoria's Secret, Pink, Bath & Body Works, La Senza and Henri Bendel, is an international company. The company operates 2,623 specialty stores in the United States and its brands are sold in more than 600 company-operated and franchised additional locations world-wide.

Limited Brands Inc


Must ReadView All

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

Pak ministry proposes extension to PM package for 2018-19

Textiles | On 21st Apr 2018

Pak ministry proposes extension to PM package for 2018-19

Pakistani textile ministry has reportedly proposed extending the...

Interviews View All

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search