Limited Brands Reports January 2009, Fourth Quarter 2008 and Fiscal 2008 Sales
05 February 2009 - 11:00PM
PR Newswire (US)
COLUMBUS, Ohio, Feb. 5 /PRNewswire-FirstCall/ -- Limited Brands,
Inc. (NYSE:LTD) reported a comparable store sales decrease of 9
percent for the four weeks ended Jan. 31, 2009, compared to the
four weeks ended Feb. 2, 2008. The company reported net sales of
$591.6 million for the four weeks ended Jan. 31, 2009, compared to
net sales of $625.8 million last year. Last year's sales exclude
$47.8 million in initial gift card breakage recognition at
Victoria's Secret. (Logo:
http://www.newscom.com/cgi-bin/prnh/20020520/CLM001LOGO ) The
company reported a comparable store sales decrease of 10 percent
for the fourth quarter ended Jan. 31, 2009. Net sales were $2.991
billion compared to net sales of $3.228 billion last year,
excluding the previously mentioned $47.8 million in initial gift
card breakage. The company reported a comparable store sales
decrease of 9 percent for the year ended Jan. 31, 2009. Net sales
were $9.043 billion compared to net sales of $10.086 billion last
year, excluding the previously mentioned $47.8 million in initial
gift card breakage. 2007 net sales include Express sales through
July 6, 2007, the closing date of the sale of a majority interest
to affiliates of Golden Gate Capital, and Limited Stores sales
through Aug. 3, 2007, the closing date of the transfer of a
majority interest to affiliates of Sun Capital Partners. To hear
further commentary provided on Limited Brands' prerecorded January
sales message, call 1-866-639-7583 (1-866-NEWS-LTD), or log onto
http://www.limitedbrands.com/ for an audio replay. ABOUT LIMITED
BRANDS: Limited Brands, through Victoria's Secret, Pink, Bath &
Body Works, C.O. Bigelow, La Senza, White Barn Candle Co. and Henri
Bendel, presently operates 3,014 specialty stores. The company's
products are also available online at
http://www.victoriassecret.com/, http://www.bathandbodyworks.com/,
http://www.henribendel.com/ and http://www.lasenza.com/. Safe
Harbor Statement Under the Private Securities Litigation Reform Act
of 1995 We caution that any forward-looking statements (as such
term is defined in the Private Securities Litigation Reform Act of
1995) contained in this press release or the January sales call
involve risks and uncertainties and are subject to change based on
various important factors, many of which are beyond our control.
Accordingly, our future performance and financial results may
differ materially from those expressed or implied in any such
forward-looking statements. Words such as "estimate," "project,"
"plan," "believe," "expect," "anticipate," "intend," "planned,"
"potential" and similar expressions may identify forward-looking
statements. Risks associated with the following factors, among
others, in some cases have affected and in the future could affect
our financial performance and actual results and could cause actual
results to differ materially from those expressed or implied in any
forward- looking statements included in this press release or the
January sales call: * general economic conditions, consumer
confidence and consumer spending patterns, including risks related
to: * the continued deterioration in the U.S. economic environment,
including recessionary pressures; * the significant decline in
consumer confidence and the negative impact on consumer
discretionary spending; * the disruption and significant tightening
in the U.S. credit and lending markets; * the dependence on a high
volume of mall traffic and the possible lack of availability of
suitable store locations on appropriate terms; * the seasonality of
our business; * our ability to grow through new store openings and
existing store remodels and expansions; * our ability to expand
into international markets; * independent licensees; * our direct
channel business including risks associated with our new
distribution center; * our failure to protect our reputation and
our brand images; * our failure to protect our trade names and
trademarks; * market disruptions including severe weather
conditions, natural disasters, health hazards, terrorist activities
or the prospect of these events; * stock price volatility; * our
failure to maintain our credit rating; * our ability to service our
debt; * the highly competitive nature of the retail industry
generally and the segments in which we operate particularly; *
consumer acceptance of our products and our ability to keep up with
fashion trends, develop new merchandise, launch new product lines
successfully, offer products at the appropriate price points and
enhance our brand image; * our ability to retain key personnel; *
our ability to attract, develop and retain qualified employees and
manage labor costs; * our reliance on foreign sources of
production, including risks related to: * political instability, *
duties, taxes, other charges on imports, * legal and regulatory
matters, * currency and exchange rates, * local business practices
and political issues, * potential delays or disruptions in shipping
and related pricing impacts and * the disruption of imports by
labor disputes; * the possible inability of our manufacturers to
deliver products in a timely manner or meet quality standards; *
rising energy costs; * increases in the costs of mailing, paper and
printing; * our ability to implement and sustain information
technology systems; and * our failure to comply with regulatory
requirements. We are not under any obligation and do not intend to
make publicly available any update or other revisions to any of the
forward-looking statements contained in this press release or the
January sales call to reflect circumstances existing after the date
of this press release or to reflect the occurrence of future events
even if experience or future events make it clear that any expected
results expressed or implied by those forward- looking statements
will not be realized. Additional information regarding these and
other factors can be found in "Item 1A. Risk Factors" in our 2007
Annual Report on Form 10-K and in our third quarter 2008 Quarterly
Report on Form 10-Q. LIMITED BRANDS JANUARY 2009 Comparable Store
Sales Increase (Decrease): Fourth Fourth January January Quarter
Quarter Year Year 2009 2008 2008 2007 2008 2007 Victoria's Secret
Stores (15%) (8%) (10%) (8%) (9%) (2%) La Senza(1) (9%) 6% (10%)
(3%) (3%) 0% Bath & Body Works 0% (10%) (11%) (8%) (9%) (4%)
Express(2) - - - - - 6% Limited Stores(3) - - - - - 4% Total
Apparel - - - - - 5% Limited Brands (9%) (8%) (10%) (8%) (9%) (2%)
1.) La Senza comparable store sales not included in total Limited
Brands' comparable store sales until January 2008 as the business
was acquired on Jan. 12, 2007 2.) Express comparable store sales
through July 6, 2007, closing date of the sale of majority interest
to affiliates of Golden Gate Capital 3.) Limited Stores comparable
store sales through Aug. 3, 2007, closing date of the transfer of
majority interest to affiliates of Sun Capital Partners Total Sales
(Millions): Fourth Fourth Year Year Quarter Quarter 2008 2007 2008
2007 Victoria's Secret Stores(1) $ 1,184.8 $ 1,248.3 $ 3,589.7 $
3,674.7 Victoria's Secret Direct(2) 449.2 430.7 1,522.8 1,396.4 La
Senza 133.6 165.9 491.6 488.0 Total Victoria's Secret $ 1,767.6 $
1,844.9 $ 5,604.1 $ 5,559.1 Bath & Body Works $ 997.3 $ 1,080.2
$ 2,373.6 $ 2,494.1 Express(3) - - - $ 659.0 Limited Stores(4) - -
- 210.5 Total Apparel - - - $ 869.5 Total Other $ 226.2 $ 303.2 $
1,065.0 $ 1,163.7 Limited Brands $ 2,991.1 $ 3,228.3 $ 9,042.7 $
10,086.4 1.) Excludes $45.3 million in 2007 related to initial gift
card breakage 2.) Excludes $2.5 million in 2007 related to initial
gift card breakage 3.) Express net sales through July 6, 2007,
closing date of the sale of majority interest to affiliates of
Golden Gate Capital 4.) Limited Stores net sales through Aug 3,
2007, closing date of the transfer of majority interest to
affiliates of Sun Capital Partners Total Stores: Stores Stores
Operating Year-to-date Operating at 2/2/08 Opened Closed at 1/31/09
Victoria's Secret Stores 1,020 41 (18) 1,043 La Senza 312 15 (5)
322 Bath & Body Works 1,592 80 (34) 1,638 Henri Bendel 2 3 - 5
Bath & Body Works Canada - 6 - 6 Total Limited Brands 2,926 145
(57) 3,014 http://www.newscom.com/cgi-bin/prnh/20020520/CLM001LOGO
http://photoarchive.ap.org/ DATASOURCE: Limited Brands, Inc.
CONTACT: Investor Relations, Amie Preston, +1-614-415-6704, , or
Media Relations, Tammy Roberts Myers, +1-614-415-7072, Web site:
http://www.limitedbrands.com/ Company News On-Call:
http://www.prnewswire.com/comp/868075.html
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