USA: Limited Brands Reports Second Quarter 2010 Earnings

COLUMBUS, OHIO-- Limited Brands, Inc. reported 2010 second quarter results.

Second Quarter Results

Adjusted earnings per share for the second quarter ended July 31, 2010, were $0.36 compared to $0.19 for the quarter ended Aug. 1, 2009, which exclude certain significant items in both years as detailed below.  Second quarter operating income was $236.5 million compared to adjusted operating income of $148.6 million last year, and adjusted net income was $120.6 million compared to $60.3 million last year.

Including the 2010 and 2009 significant items detailed below, reported second quarter earnings per share were $0.54 compared to $0.23 last year, operating income was $236.5 million compared to $158.1 million last year, and net income was $178.7 million compared to $74.3 million last year.

 Significant items are as follows:

 In 2010 (totaling to a benefit of $0.18 per share):
 --  A pre-tax gain of $52.3 million, or $0.10 per share, related to the
     sale of a portion of the company's shares of Express (NYSE:EXPR) in
     its initial public offering;
 --  A pre-tax gain of $19.7 million and a related net tax benefit of $22.4
     million, or $0.13 per share in total, related to the sale of the
     company's remaining interest in Limited Stores; and
 --  A pre-tax loss of $25.2 million, or $0.05 per share, associated with
     the early retirement of portions of the company's 2012 and 2014
     maturity bonds.

 In 2009 (totaling to a benefit of $0.04 per share):
 --  A pre-tax gain of $9.4 million, and a related tax benefit of $4.6
     million, related to the divestiture of a non-core joint venture.

The company reported a comparable store sales increase of 7 percent for the second quarter ended July 31, 2010, compared to the second quarter ended Aug. 1, 2009.  The company reported net sales of $2.243 billion for the second quarter, compared to sales of $2.067 billion last year.

At the conclusion of this press release is a reconciliation of reported to adjusted results.

2010 Outlook

The company stated that it expects 2010 third quarter earnings per share to be $0.03 to $0.08 compared to adjusted earnings per share of $0.02 per share last year.  The company now expects August comparable store sales to increase in the mid to high single digit range versus its previous guidance for a low single digit increase.

For 2010, the company increased its adjusted earnings per share forecast to $1.68 to $1.83 from $1.60 to $1.80 previously.

The company's earnings forecast was impacted versus its previous forecast by a change in accounting methodology for its investment in Express as a result of the company's decreased ownership percentage and other factors, the sale of its remaining interest in Limited Stores and an increase in its estimated tax rate from 38 percent to 39.5 percent. These changes decreased the third quarter forecast by approximately $0.02 per share and the full-year forecast by approximately $0.08 per share.


Limited Brands, through Victoria's Secret, Pink, Bath & Body Works, La Senza, C.O. Bigelow, White Barn Candle Co. and Henri Bendel, is an international company.  The company operates 2,669 specialty stores in the United States and its brands are sold in more than 700 company-operated and franchised additional locations world-wide.

Send your News/Releases for publication to [email protected]
Added: August 19, 2010 Source: pr web
Start script - 1534437508.6221 Start news id check - 1534437508.6222 After news id check - 1534437508.6225 After cookie_code - 1534437509.5038 Before news detail - 1534437509.5039 After news detail - 1534437509.5044 Start cat select - 1534437509.5045 After cat select - 1534437509.5047 before preg replace - 1534437509.5047 After preg replace - 1534437509.5047 Before tag engine - 1534437509.5048 After tag engine - 1534437509.5084 Before mptt engine - 1534437509.5084 After mptt engine - 1534437509.5085 Before related engine - 1534437509.5085 After related engine - 1534437509.5157 Before update hits - 1534437509.5158 After update hits - 1534437509.516 After update news_hits - 1534437509.5167 After mem_only_views - 1534437509.5167 -------------------------------------------------- Total Exec time:- 0.89459991455078
AddThis Social Bookmark Button   Tell a friendBookmark AddThis Feed Button
Related News:

Website design by InWiz • © - 2000-2018. Internet Wizards All rights reserved. About usTerms & ConditionsDisclaimerPrivacy policy • 16-08-2018