Limited Brands reports net operating income of $108.5mn in Q1
24 May '07
2 min read
Limited Brands reported 2007 first quarter results.
First Quarter Results: Earnings per share for the first quarter ended May 5, 2007, were $0.13 compared to $0.25 last year. First quarter operating income was $108.5 million compared to $185.9 million last year, and net income was $52.9 million compared to $99.4 million last year.
The Company reported a comparable store sales increase of 4% for the 13 weeks ended May 5, 2007, compared to the 13 weeks ended May 6, 2006. Net sales for the 13 weeks ended May 5, 2007, increased 11% to $2.311 billion compared to net sales of $2.077 billion for the 13 weeks ended April 29, 2006.
Share Repurchase: The Company also announced that its Board of Directors has authorized a new $500 million share repurchase program. The Company has completed its previous $200 million program.
"Over the last five years, we have returned more than $5 billion in value to shareholders," stated Leslie H. Wexner, Chairman and CEO. "Subsequent to our announcement last week of the sale of a majority interest in Express and our intent to explore strategic options for Limited Stores, this latest share repurchase program reflects our confidence in the strength and future growth of our intimate apparel and personal care and beauty brands."
May and 2007 Outlook: The Company stated that it now expects May comps in the negative low single digit range versus its previous guidance for positive low single digit comps.
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