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Limited Brands Reports Third Quarter 2012 Earnings
-- Provides Fourth Quarter And Raises Full Year 2012 Earnings Guidance --
By: PR Newswire
Nov. 14, 2012 04:30 PM
COLUMBUS, Ohio, Nov. 14, 2012 /PRNewswire/ -- Limited Brands, Inc. (NYSE: LTD) today reported 2012 third quarter results and increased its 2012 full-year earnings guidance.
Third Quarter Results
Adjusted earnings per share for the third quarter ended Oct. 27, 2012 were $0.26 compared to $0.25 for the third quarter ended Oct. 29, 2011. 2011 earnings per share included approximately $0.03 attributable to the third party apparel sourcing business, which was sold in November 2011. Excluding this amount from last year, adjusted earnings per share increased 18%.
Adjusted third quarter operating income was $197.4 million compared to operating income of $186.1 million last year, and adjusted net income was $75.6 million compared to $77.6 million last year. Adjusted results exclude certain significant items as detailed below:
Including the significant items above, reported third quarter earnings per share were $0.25 compared to $0.31 last year; operating income was $186.9 million compared to $186.1 million last year; and net income was $73.4 million compared to $94.3 million last year.
The company reported a comparable store sales increase of 5 percent for the third quarter ended Oct. 27, 2012, compared to the third quarter ended Oct. 29, 2011. The company reported net sales of $2.050 billion for the third quarter ended Oct. 27, 2012, compared to net sales of $2.173 billion last year.
Third quarter 2011 net sales included $258.7 million attributable to the third party apparel sourcing business, which was sold in November 2011.
At the conclusion of this press release is a reconciliation of reported to adjusted results.
The company stated that it expects fourth quarter earnings of $1.62 to $1.77 per share. For 2012, the company increased its adjusted earnings per share forecast to $2.78 to $2.93.
Share Repurchase Program and Regular Quarterly Dividend
The company's board of directors has authorized a $250 million share repurchase program, which includes $49.6 million remaining under the previous $500 million program. The company said it may repurchase shares from time to time in the open market or through privately negotiated transactions, depending on prevailing market conditions, alternative uses of capital and other factors.
The company also declared its regular quarterly dividend of $0.25 per share payable on Dec. 10, 2012 to shareholders of record at the close of business on Nov. 26, 2012.
Earnings Call Information
Limited Brands will conduct its third quarter earnings call at 9 a.m. Eastern time on Thursday, Nov. 15. 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 third quarter financial information is also available at www.Limitedbrands.com.
ABOUT LIMITED BRANDS:
Limited Brands, through Victoria's Secret, Pink, Bath & Body Works, La Senza and Henri Bendel, is an international company. The company operates 2,626 specialty stores in the United States and its brands are sold in more than 700 company-operated and franchised additional locations world-wide. The company's products are also available online at www.VictoriasSecret.com, www.BathandBodyWorks.com, www.HenriBendel.com and www.LaSenza.com.
Limited Brands b-roll footage of stores is available through our online newsroom.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Limited Brands, Inc. cautions 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 third quarter earnings call involve risks and uncertainties and are subject to change based on various 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 any similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this press release or the third quarter earnings call:
We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release or the third quarter earnings call to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. Additional information regarding these and other factors can be found in "Item 1A. Risk Factors" in our 2011 Annual Report on Form 10-K.
LIMITED BRANDS, INC. AND SUBSIDIARIES
The "Adjusted Results" provided in the attached unaudited Consolidated Statements of Income and Reconciliation of Adjusted Results are non-GAAP financial measures and reflect the following:
In the third quarter of 2012, adjusted results exclude the following:
In the second quarter of 2012, adjusted results exclude the following:
In the first quarter of 2012, there were no adjustments to results.
In the third quarter of 2011, adjusted results exclude the following:
In the second quarter of 2011, adjusted results exclude the following:
In the first quarter of 2011, adjusted results exclude the following:
The Unaudited Adjusted Consolidated Statements of Income should not be construed as an alternative to the reported results determined in accordance with generally accepted accounting principles. Further, the Company's definition of adjusted income information may differ from similarly titled measures used by other companies. While it is not possible to predict future results, management believes the adjusted information is useful for the assessment of the ongoing operations of the Company. The Unaudited Adjusted Consolidated Statements of Income should be read in conjunction with the Company's historical financial statements and notes thereto contained in the Company's quarterly reports on Form 10-Q and annual report on Form 10-K.
SOURCE Limited Brands, Inc.
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