Limited Brands (ticker: LTD, exchange: New York Stock Exchange (.N))
News Release -
The Limited, Inc. Reports January Sales
COLUMBUS, Ohio, Feb. 8 /PRNewswire/ -- The Limited, Inc.
(NYSE: LTD; London) reported comparable store sales for the five weeks ended
February 3, 2001 increased 5% compared to the five weeks ended February 5,
2000. The Company reported net sales of $777.0 million for the five-week
period ended February 3, 2001 compared to sales of $602.0 million for the
four-week period ended January 29, 2000. Excluding the fifth week
in January this year, the sales increase from the comparable four-week period
last year was 5%.
Comparable store sales for the fourteen weeks ended February 3, 2001
increased 2% compared to the fourteen weeks ended February 5, 2000. Net sales
were $3.537 billion for the fourteen weeks ended February 3, 2001 compared to
$3.287 billion for the thirteen weeks ended January 29, 2000. Excluding the
fourteenth week this year, the sales increase from the comparable
thirteen-week period last year was 3%.
The Company reported a comparable stores sales increase of 5% for the
fifty-three weeks ended February 3, 2001, compared to the fifty-three weeks
ended February 5, 2000. Net sales were $10.078 billion for the
fifty-three weeks ended February 3, 2001 compared to $9.723 billion for the
fifty-two weeks ended January 29, 2000. Excluding sales from Galyan's and
Too, Inc. in 1999, and the fifty-third week in 2000, net sales increased 6%
from the comparable fifty-two-week period last year. Too, Inc. became
independent from The Limited, Inc. after its August 23, 1999 spin-off and a
majority interest in Galyan's was purchased by a third party on August 31,
As the Company stated in its December sales release on January 4, 2001, it
continues to expect fourth quarter earnings per share to be between $0.53 and
$0.57, versus an adjusted $0.66 per share last year, and earnings per share
for the full year 2000 to be between $0.95 and $0.99, versus an adjusted
$0.97 last year. Adjusted 1999 results exclude special items and reflect the
spin-off of Too, Inc. as if it had occurred at the beginning of 1999.
"January sales results reflected significant markdowns that enabled us to
have well-managed inventories going into the Spring season. Given the U.S.
economic situation, we are planning for modest profit growth in 2001, and we
expect the first three quarters to be particularly challenging. We are
continuing our disciplined approach to inventory management, and will pursue
expense opportunities," Chairman and Chief Executive Officer Leslie H. Wexner
Additionally, the Company announced upcoming changes in accounting
classifications that will have no impact on comparable store sales, net income
or cash flow. These changes relate to the classification of catalog shipping
revenues and costs, based on guidance contained in EITF No. 00-10, and a
planned reclassification of discounts on sales to associates. Net sales will
increase less than 1% from previously reported amounts and certain costs will
be reclassified between margin and expenses. The Company's 2000 results,
reported on March 1, 2001, will reflect these reclassifications and provide
comparative financial information for the prior two years.
The Limited, Inc., through Express, Lerner New York, Lane Bryant, Limited
Stores, Structure and Henri Bendel, presently operates 2,739 specialty stores.
The Company also owns approximately 84% of Intimate Brands, Inc. (NYSE: IBI),
the leading specialty retailer of intimate apparel, beauty and personal care
products, sold through 2,390 stores under the Victoria's Secret, Bath & Body
Works and White Barn Candle Co. brands.
To hear The Limited, Inc.'s prerecorded January sales message, call
1-800-696-1585, followed by the passcode 189295, or log onto www.Limited.com
for an audio replay.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995: All forward-looking statements made by the Company in this press
release or in the January sales call involve material risks and uncertainties
and are subject to change based on various important factors which may be
beyond the Company's control. Accordingly, the Company's future performance
and financial results may differ materially from those expressed or implied in
any such forward-looking statements. Such factors include, but are not
limited to, the performance assumptions in this press release and the January
sales call, changes in consumer spending patterns, consumer preferences and
overall economic conditions, the impact of competition and pricing, changes in
weather patterns, political stability, currency and exchange risks and changes
in existing or potential duties, tariffs or quotas, postal rate increases and
charges, paper and printing costs, availability of suitable store locations on
appropriate terms, ability to develop new merchandise and ability to hire and
train associates, and other factors that may be described in the Company's
filings with the Securities and Exchange Commission. The forward-looking
information provided in this press release and the January sales call is based
on information available to the Company as of the date of this press release.
The Company does not undertake to publicly update or revise its
forward-looking statements even if experience or future changes make it clear
that any projected results expressed or implied therein will not be realized.
January 01 Sales -- http://126.96.36.199/ltd/Jan01salesFinal.pdf
January 01 Sales Attachment -- http://188.8.131.52/ltd/Jan01attach.pdf
SOURCE The Limited, Inc.
Web site: http: //www.limited.com
CONTACT: Tom Katzenmeyer, Vice President, Investor Relations of The Limited, 614-415-7076