Limited reports monthly sales of $774.7M

COLUMBUS, Ohio Limited Brands reported comparable-store sales for the four weeks ended June 2 increased 2% compared to the four weeks ended June 3, 2006. The company reported net sales of $774.7 million for the four weeks ended June 2 compared to sales of $719.4 million for the four weeks ended May 27, 2006.

The company reported a comparable-store sales increase of 3% for the seventeen weeks ended June 2. Net sales increased 10% to $3.09 billion compared to net sales of $2.8 billion last year.

On May 15, Limited Brands announced that it had signed a definitive agreement with affiliates of Golden Gate Capital to sell a 67% ownership interest in its Express brand for cash proceeds of $548 million. The company said it expects that after-tax cash proceeds will approximate $425 million, subject to any post closing adjustment. The transaction is expected to close no later than July 6, and is subject to customary conditions.

The company said it has not yet established a timetable for the possible sale of its Limited Stores. Limited Stores' 2006 net sales were $493 million and it currently has 253 store locations.