Limited Brands Reports First Quarter 2009 Earnings
21 May 2009 - 6:30AM
PR Newswire (US)
- Provides Second Quarter and Updates Full Year 2009 Earnings
Guidance - COLUMBUS, Ohio, May 20 /PRNewswire-FirstCall/ -- Limited
Brands, Inc. (NYSE:LTD) today reported 2009 first quarter results.
First Quarter Results Earnings per share for the first quarter
ended May 2, 2009, were $0.01 compared to adjusted earnings per
share of $0.11 for the quarter ended May 3, 2008, which exclude
certain significant items in 2008 as detailed below. First quarter
operating income was $65.2 million compared to adjusted operating
income of $100.4 million last year, and net income was $2.6 million
compared to adjusted net income of $36.4 million last year. (Logo:
http://www.newscom.com/cgi-bin/prnh/20020520/CLM001LOGO) Including
the 2008 significant items detailed below, 2008 reported first
quarter earnings per share were $0.28, operating income was $209.4
million, and net income was $97.8 million. The 2008 results contain
certain significant items totaling $0.18 per share. These items
include: -- A pre-tax gain of $128 million ($81 million after-tax),
or $0.24 per share, related to the sale of a non-core joint
venture; and -- A pre-tax charge of $19 million ($19.6 million
after-tax), or $0.06 per share, related to the impairment of the
investment carrying value of another non-core joint venture.
Comparable store sales for the first quarter decreased 7 percent,
and net sales were $1.725 billion compared to $1.925 billion last
year. At the conclusion of this press release is a reconciliation
of reported to adjusted results, including a description of the
significant items. 2009 Outlook The company stated that it expects
2009 second quarter earnings per share to be $0.11 to $0.16
compared to adjusted earnings per share of $0.27 per share last
year. For 2009, the company expects earnings per share of $0.67 to
$0.87. Earnings Call Information Limited Brands will conduct its
first quarter earnings call at 9 a.m. Eastern time on Thursday, May
21. To listen, call 1-866-583-6618 (international dial-in number:
1-937-200-3978). For an audio replay, call 1-866-NEWS-LTD
(international replay number: 1-706-902-3452) or log onto
http://www.limitedbrands.com/. Additional first quarter financial
information is also available at http://www.limitedbrands.com/.
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 3,008 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 First quarter earnings
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
First quarter earnings call: -- general economic conditions,
consumer confidence and consumer spending patterns; -- the global
economic crisis and its impact on our suppliers, customers and
other counterparties; -- the impact of the global economic crisis
on our liquidity and capital resources; -- 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 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; -- volatility
in 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; --
fluctuations in energy costs; -- increases in the costs of mailing,
paper and printing; -- self-insured risks; -- our ability to
implement and sustain information technology systems; -- our
failure to comply with regulatory requirements; and -- legal
matters. 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
First quarter earnings 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 2008 Annual Report on Form 10-K. LIMITED
BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
THIRTEEN WEEKS ENDED MAY 2, 2009 AND MAY 3, 2008 (Unaudited) (In
thousands except per share amounts) 2009 2008 ------
------------------------------- Reported Reported Adjustments
Adjusted -------- -------- ----------- -------- Net Sales
$1,725,237 $1,925,081 $- $1,925,081 Cost of Goods Sold, Buying
& Occupancy (1,176,881) (1,283,963) - (1,283,963) ----------
---------- ---- ---------- Gross Profit 548,356 641,118 - 641,118
General, Administrative and Store Operating Expenses (483,144)
(540,681) - (540,681) Net Gain on Joint Ventures - 108,962
(108,962) - ---- ------- -------- ---- Operating Income 65,212
209,399 (108,962) 100,437 Interest Expense (61,698) (45,021) -
(45,021) Interest Income 696 5,553 - 5,553 Other (Expense) Income
(977) 4,583 - 4,583 ---- ----- ---- ----- Income Before Income
Taxes 3,233 174,514 (108,962) 65,552 Provision for Income Taxes 632
77,732 (47,580) 30,152 ---- ------ ------- ------ Net Income 2,601
96,782 (61,382) 35,400 Less: Net Income (Loss) Attributable to
Noncontrolling Interest - (999) - (999) ---- ---- ---- ---- Net
Income Attributable to Limited Brands, Inc. $2,601 $97,781
$(61,382) $36,399 ====== ======= ======== ======= Net Income Per
Diluted Share $0.01 $0.28 $0.11 ===== ===== ===== Weighted Average
Shares Outstanding 323,285 344,147 344,147 ======= ======= =======
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, , Media
Relations: Tammy Roberts Myers, +1-614-415-7072, , both of Limited
Brands Web Site: http://www.limitedbrands.com/
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