Limited Brands posts Q2, updates FY 2009 earnings guidance

20 Aug '09

2 min read

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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