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, 1999.

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 said.

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://199.230.26.96/ltd/Jan01salesFinal.pdf

January 01 Sales Attachment -- http://199.230.26.96/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