Limited Brands Q4 profit surges on cost cutting

Columbus, Ohio Limited Brands said its profit rose sharply in the fourth quarter as the retailer benefited from cost-cutting and tight inventory control. The company earned $356.1 million for the quarter ended Jan. 30, compared with $16.1 million the year-ago period.

Revenue reached $3.06 billion, from $3 billion last year. Same-store sales were up 1%.

"The economic environment in 2009 was very challenging," chairman and CEO Leslie Wexner said in a statement. "We managed inventory, expenses and capital conservatively. We made good progress, but we recognize there is more to do and are very focused on continued improvement."

For the year, Limited posted net income of $447.9 million, compared with net income of $220.1 million the year before. Revenue fell 4.5% to $8.63 billion.