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Comparable store sales for Q3 up at Limited Brands

18
Nov '10
Limited Brands Inc reported 2010 third quarter results, increased its 2010 full-year earnings guidance, declared a $3 per share special dividend and authorized a $200 million share repurchase program.

Third Quarter Results
Earnings per share for the third quarter ended Oct. 30, 2010,were $0.18 compared to adjusted earnings per share of $0.02 for the quarter ended Oct. 31, 2009, which exclude an income tax benefit in 2009. Third quarter operating income was $149.1 million compared to operating income of $58.9 million last year, and net income was $61.3 million compared to adjusted net income of $6.1 million last year.

The 2009 adjusted results above exclude an income tax benefit, primarily due to the resolution of certain tax matters, of $8.8 million, or $0.03 per share. Including this benefit, 2009 net income was $14.9 million and earnings per share were $0.05.

Comparable store sales for the third quarter increased 10 percent, and net sales were $1.983 billion compared to $1.777 billion last year.

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

2010 Outlook
The company stated that it expects fourth quarter earnings of $1.02 to $1.17 per share. For 2010, the company increased its adjusted earnings per share forecast to $1.82 to $1.97 from $1.68 to $1.83 previously.

Limited Brands Inc


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