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Limited Brands posts Q2, updates FY 2009 earnings guidance
20
Aug '09
Limited Brands, Inc provides third quarter and updates full year 2009 earnings guidance.

Adjusted earnings per share for the second quarter ended Aug. 1, 2009, were $0.19 compared to adjusted earnings per share of $0.27 for the quarter ended Aug. 2, 2008, which exclude certain significant items in both years as detailed below. Adjusted second quarter operating income was $148.6 million compared to adjusted operating income of $185.2 million last year, and adjusted net income was $60.3 million compared to adjusted net income of $93.9 million last year.

Including the 2009 and 2008 significant items detailed below, reported second quarter earnings per share were $0.23 compared to $0.30 last year, operating income was $158.1 million compared to $185.2 million last year, and net income was $74.3 million compared to $102.0 million last year.

The 2009 results include an after-tax gain of $14.0 million, or $0.04 per share, related to the divestiture of a non-core joint venture. The 2008 results include an after-tax gain of $8.2 million, or $0.02 per share, related to a $71 million cash distribution from Express.

Comparable store sales for the second quarter decreased 9 percent, and net sales were $2.067 billion compared to $2.284 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 a 2009 third quarter loss per share of $0.07 to $0.12 compared to earnings per share of $0.01 last year.

For 2009, the company expects adjusted earnings per share of $0.75 to $0.90.

Limited Brands sells lingerie, personal care and beauty products, apparel and accessories through its Victoria's Secret, Pink, Bath & Body Works, C.O. Bigelow, La Senza, White Barn Candle Co. and Henri Bendel brands.

Limited Brands


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