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Limited Brands Comparable store sales drop for Q3

20
Nov '08
Limited Brands Inc reported 2008 third quarter results.

Third Quarter Results
Earnings per share for the third quarter ended Nov. 1, 2008, were $0.01 compared to $0.03 last year. Third quarter operating income was $41.2 million compared to $61.1 million last year, and net income was $4.2 million compared to $12.1 million last year.

The above 2007 results include pre-tax gains of $24.5 million, or $0.04 per share, related to asset sales.

Excluding this item, third quarter earnings per share were $0.01 compared to a loss of $0.01 last year. Third quarter operating income was $41.2 million compared to $36.6 million last year; and net income was $4.2 million compared to a net loss of $2.4 million last year.

Comparable store sales for the third quarter decreased 7 percent, and net sales were $1.842 billion compared to $1.923 billion last year.

2008 Outlook
The company expects 2008 fourth quarter earnings per share to be $0.85 to $1.00 compared to $0.94 per share last year, which excluded 2007 significant favorable items of $0.16 per share related to gift card breakage and income taxes.

For 2008, the company expects earnings per share of $1.20 to $1.35, excluding first half significant net favorable items of $0.20 per share, compared to $1.21 per share last year, which excluded 2007 significant net favorable items of $0.68 per share as described in previous press releases.

Limited Brands Inc


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