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To: Smiling Bob who wrote (13140)	2/27/2008 4:35:34 PM
From: Smiling Bob	Respond to of 19256

Limited Brands Reports Fourth Quarter and Full Year 2007 Earnings Wednesday February 27, 4:30 pm ET - Provides First Quarter and 2008 Earnings Guidance - - Updates February Comp Guidance - COLUMBUS, Ohio, Feb. 27 /PRNewswire-FirstCall/ -- Limited Brands, Inc. (NYSE: LTD - News) today reported 2007 fourth quarter and full year results. (Logo: newscom.com ) Fourth Quarter Results Earnings per share for the 13-week fourth quarter ended Feb. 2, 2008, were $1.10 compared to $1.08 for the 14 weeks ended Feb. 3, 2007. 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. The 2007 results contain certain significant items totaling $0.16 per share. These items include: -- A pre-tax gain of $47.8 million, or $0.08 per share, related to the recognition of initial gift card breakage at Victoria's Secret; and -- A tax benefit of $28 million, or $0.08 per share, related to a decline in the Canadian federal tax rate, the finalization of income taxes related to the Express and Limited Stores divestitures, audit settlements and other items. Excluding these items, fourth quarter earnings per share were $0.94 compared to $1.08 last year; operating income was $573.6 million compared to $726.8 million last year; and net income was $331.7 million compared to $439.8 million last year. Comparable store sales for the 13 weeks ended Feb. 2, 2008, decreased 8% compared to the 13 weeks ended Feb. 3, 2007. Net sales were $3.276 billion (including $47.8 million related to the previously mentioned gift card breakage adjustment) for the 13 weeks ended Feb. 2, 2008, compared to $4.025 billion for the 14 weeks ended Feb. 3, 2007.

To: Smiling Bob who wrote (13140)	2/28/2008 9:42:16 AM
From: Smiling Bob	Read Replies (2) \| Respond to of 19256

SHLD - 98.90- well off lod that's fast eddie trying to support a sinking ship Scarce Shoppers Sap Sears 4Q Profit Thursday February 28, 9:33 am ET By Ashley M. Heher, AP Business Writer Weak Sales at US Sears, Kmart Stores Drive Sears Holdings' 4Q Profit Down 48 Percent CHICAGO (AP) -- Department store chain Sears Holdings Corp. said its fourth-quarter profit tumbled 47 percent because of continued poor performance at its Kmart and U.S. Sears stores. The Hoffman Estates-based company, controlled by financier Edward Lampert, said Thursday that its earnings skidded to $426 million, or $3.17 per share. That's down from $811 million, or $5.27 per share, during the same period last year. ADVERTISEMENT Revenue slipped to $15.07 billion from $16.18 billion. The performance was in line with Wall Street forecasts after the ailing company warned last month that eroding sales might push its profit down as much as 57 percent. Excluding a one-time gain from the sale of some assets, Sears said it earned $3.04 during the quarter. Analysts surveyed by Thomson Financial expected profit of $3.10 per share on higher revenue of $15.26 billion. Analyst forecasts typically exclude one-time items. Shares fell 2.6 percent, or $2.60 to $99 at the open of trade. "Given the challenging retail environment, we will work to improve and tighten management of costs and inventory levels in 2008," said W. Bruce Johnson, Sears Holdings' interim CEO and president. For the fiscal year, Sears suffered a similar slowdown, earning $826 million, or $5.70 per share. That's down more than 44 percent from the previous year's profit of $1.5 billion, or $9.58 per share. Johnson, who took the helm of the company this month after president and chief executive Aylwin B. Lewis abruptly stepped down, also blamed the souring economy for the once-venerable retailer's trouble. "Our fourth quarter and full year results continued to be negatively impacted by the worsening economic conditions faced by both our customers and competitors, as well as increased markdowns taken to clear excess inventory," he said in a statement. Sears said it had about $1.6 billion in cash on hand -- far less than the $3.8 billion the company had last year -- as it continued to pour tens of millions into buying back stock. Many investors have regarded Sears as a hedge fund masquerading as a retailer under Lampert, who acquired Kmart in 2003 and Sears, Roebuck and Co. in 2005. The company invests in foreign currency contracts as well as complex credit derivatives that are popular among hedge funds. Investor confidence has appeared to melt away in recent weeks as Lampert's prospects of fixing Sears become more daunting. In a note to investors Thursday, Lampert sought to silence critics as he defended his decision to buy back shares rather remodel stores that are showing their age. "We know what it's like to be underestimated and questioned, but we intend to keep working on our game to achieve our full potential," he wrote. searsholdings.com