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25% increase in adjusted Q4 earnings at Limited Brands
25
Feb '11
Adjusted earnings per share for the fourth quarter ended Jan. 29, 2011, which exclude certain significant items as detailed below, increased 25 percent to $1.26 compared to $1.01 for the quarter ended Jan. 30, 2010. Fourth quarter operating income was $713.5 million compared to $585.5 million last year, and adjusted net income was $419.7 million compared to $332.8 million last year.

The company reported a comparable store sales increase of 10 percent for the fourth quarter ended Jan. 29, 2011. Net sales were $3.456 billion compared to net sales of $3.063 billion last year.

Full-Year Results
Adjusted earnings per share for the year ended Jan. 29, 2011, which exclude certain significant items, increased 67 percent to $2.06 compared to $1.23 for the year ended Jan. 30, 2010. Operating income was $1.284 billion in 2010 compared to adjusted operating income of $858.3 million in 2009, and adjusted net income was $684.5 million compared to $401.8 million in 2009.

Including significant items, reported 2010 full-year earnings per share were $2.42 compared to $1.37 in 2009; operating income was $1.284 billion compared to $867.7 million in 2009; and net income was $804.8 million compared to $447.9 million in 2009.

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 increase of 9 percent for the year ended Jan. 29, 2011. Net sales were $9.613 Billion compared to net sales of $8.632 billion last year.

The company currently expects 2011 full-year earnings per share to be between $2.15 and $2.35 per share, including earnings per share between $0.26 per share and $0.31 per share in the first quarter.

The company expects to report a February comparable store sales increase in the high single digit range, versus its previous estimate of flat to up low single digits.

Limited Brands, through Victoria's Secret, Pink, Bath & Body Works, La Senza, C.O. Bigelow, White Barn Candle Co. and Henri Bendel, is an international company. The company operates 2,645 specialty stores in the United States and its brands are sold in more than 700 company-operated and franchised additional locations world-wide.

Limited Brands Inc


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