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Limited Brands updates FY 2008 earnings guidance
22
May '08
Limited Brands Inc reported 2008 first quarter results.

First Quarter Results:
Earnings per share for the first quarter ended May 3, 2008, were $0.28 compared to $0.13 last year. First quarter operating income was $209.4 million compared to $108.5 million last year, and net income was $97.8 million compared to $52.9 million last year.

The 2008 results contain certain significant items totaling $0.18 per share. These items include:
• A pre-tax gain of $128 million ($81 million after-tax), or $0.24 per share, related to the sale of a non-core joint venture; and
• A pre-tax charge of $19 million ($19.6 million after-tax), or $0.06 per share, related to the impairment of the investment carrying value of another non-core joint venture.

Excluding these items, first quarter earnings per share were $0.11 compared to $0.13 last year; operating income was $100.4 million compared to $108.5 million last year; and net income was $36.4 million compared to $52.9 million last year.

Comparable store sales for the first quarter decreased 8 percent, and net sales were $1.925 billion compared to $2.311 billion last year.

2007 net sales include Express sales through July 6, 2007, the closing date of the sale of a majority interest to affiliates of Golden Gate Capital, and Limited Stores sales through Aug. 3, 2007, the closing date of the transfer of a majority interest to affiliates of Sun Capital Partners.

2008 Outlook:
The company stated that it expects 2008 second quarter earnings per share to be $0.16 to $0.20 compared to $0.20 per share last year.

For 2008, the company expects earnings per share of $1.38 to $1.58, excluding the first quarter one-time items of $0.18 per share.

Limited Brands Inc


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