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Q1 profit up, will strive to get even better - Limited Brands Chief
23
May '11
Limited Brands Inc reported 2011 first quarter results.

First Quarter Results

Adjusted earnings per share for the first quarter ended April 30, 2011, were $0.40 compared to adjusted earnings per share of $0.25 for the quarter ended May 1, 2010. First quarter adjusted operating income was $266.8 million compared to operating income of $185.0 million last year, and adjusted net income was $129.8 million compared to adjusted net income of $82.9 million last year. Adjusted results exclude certain significant items as detailed below:

In 2011 (totaling to a benefit $0.10 per share):

• A pre-tax gain of $86.4 million, or $0.17 per share, related to the sale of Express stock;
• A pre-tax non-cash expense of $50 million, or $0.10 per share, related to the multi-year funding of the company's charitable foundation; and
• An income tax benefit of $11 million, or $0.03 per share, related to the favorable resolution of certain income tax matters.

In 2010:

• A pre-tax gain of $48.7 million, or $0.09 per share, related to a cash distribution from Express.

Including the significant items above, reported first quarter earnings per share were $0.50 compared to $0.34 last year; operating income was $216.8 million compared to $185.0 million last year; and net income was $165.2 million compared to $112.5 million last year.

Leslie H. Wexner, chairman and chief executive officer of Limited Brands, stated, "With a disciplined approach to managing our business, we delivered record first quarter results. I am proud of our team's focus on the fundamentals and brand building...we will strive to get even better."

Comparable store sales for the first quarter increased 15 percent, and net sales were $2.217 billion compared to $1.932 billion last year.

At the conclusion of this press release is a reconciliation of reported to adjusted results.

2011 Outlook

The company stated that it expects 2011 second quarter adjusted earnings per share to be $0.38 to $0.43 compared to adjusted earnings per share of $0.36 per share last year.

For 2011, the company expects adjusted earnings per share of $2.25 to $2.45.

Limited Brands Inc

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