Limited Brands posts 4Q profit decline |
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Published
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Wed, 28 Feb 2007 23:12
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COLUMBUS, Ohio (AP) - Limited Brands Inc. said on Wednesday that its earnings fell 15 percent in its fourth quarter, despite strong sales at Victoria's Secret and Bath & Body Works.Limited Brands said it made $439.8 million, or $1.08 per share, for the quarter ended Feb. 3 compared with profits of $519.2 million, or $1.28 per share, in its fourth quarter a year ago. Sales totaled $4 billion compared with $3.5 billion a a year ago.The fourth quarter had 14 weeks compared with 13 weeks in the year-ago quarter. Discounting the extra week and a $30.4 million gain the company reported a year ago from unused gift cards at Bath & Body Works and Express, the retailer said sales would have risen 10 percent.Analysts surveyed by Thomson Financial expected profits of $1.08 per share on sales of $4 billion.In the year-ago quarter, earnings were boosted by favorable resolution of tax matters and the unused gift cards, the company said. Excluding those items, earnings would have been 98 cents a share a year ago.Sales at stores opened at least a year -- considered a key indicator of a retailer's strength -- were up 8 percent for the quarter and up 10 percent for Victoria's Secret and 9 percent for Bath & Body Works. Same-store sales among its apparel brands were up 1 percent in the quarter.The results were released after the stock market closed on Wednesday. Limited Brands shares were up 41 cents to $27.66 in trading on the New York Stock Exchange. The stock has traded between $22.80 and $32.60 the past year.Limited Brands operates about 3,800 stores under the names Victoria's Secret, Bath & Body Works, Express, Limited Stores, C.O. Bigelow, La Senza, White Barn Candle Co., Henri Bendel and Diva London.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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