Limited Brands posts slight 4Q profit increase

COLUMBUS, Ohio Limited Brands today reported fourth quarter earnings of $1.10 per diluted share compared to earnings of $1.08 per diluted share for the same period last year. Fourth quarter operating income was $621.4 million compared to $726.8 million last year, and net income was $388.6 million compared to $439.8 million last year.

Comparable-store sales for the quarter decreased 8%. Net sales were $3.3 billion for the quarter, compared to $4 billion last year.

Earnings per share for the 52-week year ended Feb. 2, were $1.89 compared to $1.68 for the 53 weeks ended Feb. 3, 2007. Operating income was $1.11 billion compared to $1.18 billion last year, and net income was $718 million compared to $675 million last year.

The company reported a comparable-stores sales decrease of 2% for the 52 weeks ended Feb. 2, compared to the 52 weeks ended Feb. 3, 2007. Net sales were $10.13 billion for the 52 weeks ended Feb. 2, 2008, compared to $10.67 billion for the 53 weeks ended Feb. 3, 2007.

Limited Brands stated that it now expects February comps in the negative low double digit range versus its previous guidance for negative mid to high single digit comps. The company stated that it expects 2008 first quarter earnings per share to be 5 cents to 10 cents compared to 13 cents per share last year.  For 2008, the company expects earnings per share of $1.35 to $1.55.