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Limited Brands releases Qtr 4 results

28
Feb '08
Limited Brands Inc reported 2007 fourth quarter and full year results.

Fourth Quarter Results:
Earnings per share for the 13-week fourth quarter ended Feb. 2, 2008, were $1.10 compared to $1.08 for the 14 weeks ended Feb. 3, 2007. Fourth quarter operating income was $621.4 million compared to $726.8 million last year, and net income was $388.6 million compared to $439.8 million last year.

The 2007 results contain certain significant items totaling $0.16 per share. These items include:
• A pre-tax gain of $47.8 million, or $0.08 per share, related to the recognition of initial gift card breakage at Victoria's Secret; and
• A tax benefit of $28 million, or $0.08 per share, related to a decline in the Canadian federal tax rate, the finalization of income taxes related to the Express and Limited Stores divestitures, audit settlements and other items.
Excluding these items, fourth quarter earnings per share were $0.94 compared to $1.08 last year; operating income was $573.6 million compared to $726.8 million last year; and net income was $331.7 million compared to $439.8 million last year.

Comparable store sales for the 13 weeks ended Feb. 2, 2008, decreased 8% compared to the 13 weeks ended Feb. 3, 2007. Net sales were $3.276 billion (including $47.8 million related to the previously mentioned gift card breakage adjustment) for the 13 weeks ended Feb. 2, 2008, compared to $4.025 billion for the 14 weeks ended Feb. 3, 2007.


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