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Limited Brands authorizes additional $250 mn share repurchase progra

23 Aug '07
3 min read

Limited Brands reported 2007 second quarter results. Reported earnings per share for the second quarter ended August 4, 2007, were $0.67 compared to $0.28 last year.

Second quarter operating income was $318.9 million compared to $196.8 million last year, and net income was $264.4 million compared to $113.1 million last year.

The 2007 second quarter reported results include the -• A pre-tax gain of $302 million, or $0.46 per share, related to the divestiture of a 75% interest in Express to affiliates of Golden Gate Capital;
• A pre-tax loss of $73 million, or $0.20 per share, related to the divestiture of a 75% interest in Limited Stores to affiliates of Sun Capital Partners;
• A tax benefit of $39 million, or $0.10 per share, related to an adjustment to state net operating loss valuation allowances in connection with the divestiture of the apparel brands;
• A pre-tax gain of $100 million, or $0.15 per share, related to the refinancing of Easton Town Center, in which the Company has an investment interest, included in other income;
• A pre-tax restructuring charge of $47 million, or $0.07 per share, for costs of disposing of non-core assets and severance related to the termination of approximately 10% of the Company's home office headcount; and
• A pre-tax gain of $17 million, or $0.02 per share, related to an interest rate hedge entered into in the first quarter in anticipation of the intended financing of the LaSenza acquisition, included in other income.

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