Limited Brands sales slip in Q3 & lowers Q4 outlook
21 Nov '07
2 min read
Limited Brands reported 2007 third quarter results.
Third Quarter Results: Reported earnings per share for the third quarter ended November 3, 2007, were $0.03 compared to $0.06 last year. Third quarter operating income was $61.1 million compared to $66.5 million last year, and net income was $12.1 million compared to $23.5 million last year.
The above 2007 results include pre-tax gains of $24.5 million, or $0.04 per share, related to asset sales.
The company reported a comparable store sales decrease of 3 percent for the 13 weeks ended November 3, 2007. Net sales were $1.923 billion compared to net sales of $2.115 billion last year.
Share Repurchase: In the third quarter, the company repurchased 14.6 million shares of stock for $336 million, leaving $96 million remaining in its current $250 million authorization. The company also announced that its Board of Directors has authorized an additional $250 million share repurchase program.
November and Fourth Quarter Outlook: The company stated that it now expects negative mid-single digit comparable store sales for November, versus its previous guidance for flat comparable store sales. It also expects fourth quarter earnings per share of $0.90 to $1.05 versus $1.08 last year.
The decline versus its previous guidance reflects issues related to the opening of a new distribution center for Victoria's Secret Direct and the challenging overall retail environment. Last year's earnings per share results include approximately $0.04 related to the 53rd week.
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