COLUMBUS, Ohio, May 22, 2013 /PRNewswire/ -- Limited Brands,
Inc. (now known as L Brands, Inc.) (NYSE: LTD) today reported 2013
first quarter results.
(Logo:
http://photos.prnewswire.com/prnh/20020520/CLM001LOGO)
First Quarter Results
Earnings per share for the first
quarter ended May 4, 2013, increased
17% to $0.48 compared to $0.41 for the quarter ended April 28, 2012. First quarter operating
income was $311.2 million compared to
$293.2 million last year, and net
income was $142.5 million compared to
$124.6 million last year.
The company reported net sales of $2.268
billion for the 13 weeks ended May 4,
2013, an increase of 5 percent compared to sales of
$2.154 billion for the 13 weeks ended
April 28, 2012. The company
reported a comparable store sales increase of 3 percent for the 13
weeks ended May 4, 2013, compared to
the 13 weeks ended May 5,
2012.
2013 Outlook
The company stated that it expects 2013
second quarter earnings per share to be $0.50 to $0.55 compared to adjusted earnings per
share of $0.50 per share last
year.
For 2013, the company expects earnings per share of $2.95 to $3.15.
Earnings Call Information
Limited Brands will conduct
its first quarter earnings call at 9:15
a.m. Eastern on Thursday, May 23. 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
www.Limitedbrands.com. Additional first quarter financial
information is also available at www.Limitedbrands.com.
ABOUT LIMITED BRANDS:
Limited Brands, through
Victoria's Secret, Pink, Bath
& Body Works, La Senza and Henri
Bendel, is an international company. The company
operates 2,616 specialty stores in the
United States and its brands are sold in more than 700
company-operated and franchised additional locations
world-wide. The company's products are also available online
at www.VictoriasSecret.com, www.BathandBodyWorks.com,
www.HenriBendel.com and www.LaSenza.com.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
L Brands, Inc. cautions 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 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 any 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, consumer
spending patterns and market disruptions including severe weather
conditions, natural disasters, health hazards, terrorist
activities, financial crises, political crises or other major
events, or the prospect of these events;
- the seasonality of our business;
- the dependence on a high volume of mall traffic and the
possible lack of availability of suitable store locations on
appropriate terms;
- our ability to grow through new store openings and existing
store remodels and expansions;
- our ability to successfully expand into global markets and
related risks;
- our relationships with independent licensees and
franchisees;
- our direct channel businesses;
- our failure to protect our reputation and our brand
images;
- our failure to protect our trade names, trademarks and
patents;
- 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 and launch new product
lines successfully;
- our ability to source, distribute and sell goods and materials
on a global basis, including risks related to:
- political instability;
- duties, taxes and other charges;
- legal and regulatory matters;
- volatility in currency exchange rates;
- local business practices and political issues;
- potential delays or disruptions in shipping and transportation
and related pricing impacts;
- the disruption of production or distribution by labor disputes;
and
- changing expectations regarding product safety due to new
legislation;
- stock price volatility;
- our failure to maintain our credit rating;
- our ability to service or refinance our debt;
- our ability to retain key personnel;
- our ability to attract, develop and retain qualified employees
and manage labor costs;
- the inability of our manufacturers to deliver products in a
timely manner and meet quality standards;
- fluctuations in product input costs;
- fluctuations in energy costs;
- increases in the costs of mailing, paper and printing;
- claims arising from our self-insurance;
- our ability to implement and maintain information technology
systems and to protect associated data;
- our failure to comply with regulatory requirements;
- tax matters; and
- legal and compliance 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 report 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 2012 Annual Report on Form 10-K.
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LIMITED BRANDS,
INC. AND SUBSIDIARIES
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CONSOLIDATED
STATEMENTS OF INCOME
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THIRTEEN WEEKS
ENDED MAY 4, 2013 AND APRIL 28, 2012
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(Unaudited)
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(In millions
except per share amounts)
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%
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Increase
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Increase
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2013
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2012
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(Decrease)
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(Decrease)
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Net Sales
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$
2,268.0
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$
2,153.8
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$
114.2
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5%
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Comparable Store
Sales
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3%
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7%
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Gross
Profit
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941.4
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902.0
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39.4
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4%
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% of Sales
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41.5%
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41.9%
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(40
bp's)
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General,
Administrative and
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Store Operating
Expenses
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630.2
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608.8
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21.4
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4%
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% of Sales
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27.8%
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28.3%
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(50
bp's)
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Operating
Income
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311.2
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293.2
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18.0
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6%
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% of Sales
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13.7%
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13.6%
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10
bp's
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Interest Expense and
Other
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76.4
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80.1
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(3.7)
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-5%
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Income Before Income
Taxes
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234.8
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213.1
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21.7
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10%
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Provision for Income
Taxes
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92.3
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88.5
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3.8
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4%
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% of Pre-Tax
Income
|
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39.3%
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41.6%
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Net
Income
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$
142.5
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$
124.6
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$
17.9
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14%
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% of Sales
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6.3%
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5.8%
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50
bp's
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Net Income Per
Diluted Share
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$
0.48
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$
0.41
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$
0.07
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17%
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Weighted Average
Shares Outstanding
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295.2
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301.2
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SOURCE Limited Brands, Inc.