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Limited Brands reports Q1 2009 earnings
May '09
Limited Brands Inc reported 2009 first quarter results.

First Quarter Results
Earnings per share for the first quarter ended May 2, 2009, were $0.01 compared to adjusted earnings per share of $0.11 for the quarter ended May 3, 2008, which exclude certain significant items in 2008 as detailed below.

First quarter operating income was $65.2 million compared to adjusted operating income of $100.4 million last year, and net income was $2.6 million compared to adjusted net income of $36.4 million last year.

Including the 2008 significant items detailed below, 2008 reported first quarter earnings per share were $0.28, operating income was $209.4 million, and net income was $97.8 million.

The 2008 results contain certain significant items totaling $0.18 per share. These items include:
• A pre-tax gain of $128 million ($81 million after-tax), or $0.24 per share, related to the sale of a non-core joint venture; and
• A pre-tax charge of $19 million ($19.6 million after-tax), or $0.06 per share, related to the impairment of the investment carrying value of another non-core joint venture.

Comparable store sales for the first quarter decreased 7 percent, and net sales were $1.725 billion compared to $1.925 billion last year.

At the conclusion of this press release is a reconciliation of reported to adjusted results, including a description of the significant items.

2009 Outlook
The company stated that it expects 2009 second quarter earnings per share to be $0.11 to $0.16 compared to adjusted earnings per share of $0.27 per share last year.

For 2009, the company expects earnings per share of $0.67 to $0.87.

Limited Brands Inc

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