Limited Brands raises full year 2012 earnings guidance

18 May '12

2 min read

Limited Brands Inc reported 2012 first quarter results. Earnings per share for the first quarter ended April 28, 2012, were $0.41 compared to adjusted earnings per share of $0.40 for the quarter ended April 30, 2011. First quarter operating income was $293.2 million compared to adjusted operating income of $266.8 million last year, and net income was $124.6 million compared to adjusted net income of $129.8 million last year.

In 2011 (totaling to a benefit $0.10 per share):
• A pre-tax gain of $86.4 million, or $0.17 per share, related to the sale of Express stock;
• A pre-tax non-cash expense of $50 million, or $0.10 per share, related to the multi-year funding of the company's charitable foundation; and
• An income tax benefit of $11 million, or $0.03 per share, related to the favorable resolution of certain income tax matters.

Including the significant items above, reported first quarter earnings per share were $0.41 compared to $0.50 last year; operating income was $293.2 million compared to $216.8 million last year; and net income was $124.6 million compared to $165.2 million last year.

Comparable store sales for the first quarter increased 7 percent, and net sales were $2.154 billion compared to $2.217 billion last year. First quarter 2011 sales included $214.0 million attributable to the third party apparel sourcing business, which was sold in November 2011.

The company stated that it expects 2012 second quarter earnings per share to be $0.40 to $0.45 compared to adjusted earnings per share of $0.48 per share last year.

For 2012, the company expects earnings per share of $2.63 to $2.83.

Limited Brands, through Victoria's Secret, Pink, Bath & Body Works, La Senza and Henri Bendel, is an international company.

Limited Brands Inc

More Lands' End News... More Apparel/Garments News - United States Of America...