Home / Knowledge / News / Apparel/Garments / Limited Brands announces 49% increase in adjusted Q4 EPS
Limited Brands announces 49% increase in adjusted Q4 EPS
02
Mar '10
Limited Brands, Inc. reported 2009 fourth quarter and full-year results.

Fourth Quarter Results

Adjusted earnings per share for the fourth quarter ended Jan. 30, 2010, which exclude certain significant items as detailed below, increased 49 percent to $1.01 compared to $0.68 for the quarter ended Jan. 31, 2009. Fourth quarter adjusted operating income was $585.5 million compared to $390.7 million last year, and adjusted net income was $332.8 million compared to $218.9 million last year.

Including the significant items below, reported fourth quarter earnings per share were $1.08 compared to $0.05 last year; operating income was $585.5 million compared to $153.1 million last year; and net income was $356.1 million compared to $16.1 million last year.

Significant items are as follows:

In 2009 (totaling to a benefit $0.07 per share):

• An income tax benefit of $23.3 million, primarily related to the reorganization of certain foreign subsidiaries.

In 2008 (totaling to a net charge of $0.63 per share):

• A pre-tax non-cash impairment charge of $215.0 million, or $0.63 per share, to reduce the carrying value of La Senza goodwill and other intangible assets;
• A pre-tax charge of $22.6 million, or $0.04 per share, for severance related to the reduction of roughly 10 percent of home office headcount; and
• A tax benefit of $15.0 million, or $0.05 per share, primarily related to certain discrete foreign and state income tax items.

The company reported a comparable store sales increase of 1 percent for the fourth quarter ended Jan. 30, 2010. Net sales were $3.063 billion compared to net sales of $2.991 billion last year.

Full-Year Results

Adjusted earnings per share for the year ended Jan. 30, 2010, which exclude certain significant items, increased 17 percent to $1.23 compared to $1.05 for the year ended Jan. 31, 2009. Adjusted 2009 operating income was $858.3 million compared to $717.5 million in 2008, and adjusted net income was $401.8 million compared to $353.4 million in 2008.

Including significant items, reported 2009 full-year earnings per share were $1.37 compared to $0.65 in 2008; operating income was $867.7 million compared to $588.9 million in 2008; and net income was $447.9 million compared to $220.1 million in 2008.

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

The company reported a comparable store sales decrease of 4 percent for the year ended Jan. 30, 2010. Net sales were $8.632 billion compared to net sales of $9.043 billion last year.

2010 Outlook

Chairman and CEO Leslie Wexner stated, "The economic environment in 2009 was very challenging. We managed inventory, expenses and capital conservatively. We focused on executing with flexibility and speed, and those disciplines helped us achieve better results in the fourth quarter. We made good progress, but we recognize there is more to do and are very focused on continued improvement."


Must ReadView All

Courtesy: Raymond

Apparel/Garments | On 28th Jun 2017

Raymond plans to invest Rs 1,400 crore in Amravati plant

Raymond, Indian textiles and apparel major, has decided to invest Rs...

Textiles | On 28th Jun 2017

GST and textiles industry: Analysis and opinion

The Goods and Services Tax (GST) is at long last all set to be rolled ...

Textiles | On 28th Jun 2017

India probing dumping of polyester yarn by China

Indian government is probing anti-dumping allegations against a...

Interviews View All

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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

news category


Related Categories:
July 2017

July 2017

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

SUBSCRIBE


Browse Our Archives

GO


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