PROVIDES THIRD QUARTER AND UPDATES FULL YEAR 2009 EARNINGS GUIDANCE
COLUMBUS, Ohio, Aug. 19 /PRNewswire-FirstCall/ -- Limited Brands, Inc. (NYSE: LTD) today reported 2009 second quarter results.
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Second Quarter Results
Adjusted earnings per share for the second quarter ended Aug. 1, 2009, were $0.19 compared to adjusted earnings per share of $0.27 for the quarter ended Aug. 2, 2008, which exclude certain significant items in both years as detailed below. Adjusted second quarter operating income was $148.6 million compared to adjusted operating income of $185.2 million last year, and adjusted net income was $60.3 million compared to adjusted net income of $93.9 million last year.
Including the 2009 and 2008 significant items detailed below, reported second quarter earnings per share were $0.23 compared to $0.30 last year, operating income was $158.1 million compared to $185.2 million last year, and net income was $74.3 million compared to $102.0 million last year.
The 2009 results include an after-tax gain of $14.0 million, or $0.04 per share, related to the divestiture of a non-core joint venture. The 2008 results include an after-tax gain of $8.2 million, or $0.02 per share, related to a $71 million cash distribution from Express.
Comparable store sales for the second quarter decreased 9 percent, and net sales were $2.067 billion compared to $2.284 billion last year.
At the conclusion of this press release is a reconciliation of reported to adjusted results, including a description of the significant items.
2009 Outlook
The company stated that it expects a 2009 third quarter loss per share of $0.07 to $0.12 compared to earnings per share of $0.01 last year.
For 2009, the company expects adjusted earnings per share of $0.75 to $0.90.
Earnings Call Information
Limited Brands will conduct its second quarter earnings call at 9 a.m. Eastern time on Thursday, Aug. 20. 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 second quarter financial information is also available at www.Limitedbrands.com.
ABOUT LIMITED BRANDS:
Limited Brands, through Victoria's Secret, Pink, Bath & Body Works, C.O. Bigelow, La Senza, White Barn Candle Co. and Henri Bendel, presently operates 3,009 specialty stores. 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
We caution 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 second quarter earnings call involve risks and uncertainties and are subject to change based on various important 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 similar expressions may identify forward-looking statements.
