jenna,
LTD already reported before open today.
Monday May 18, 7:31 am Eastern Time
Company Press Release
SOURCE: The Limited
The Limited, Inc. Reports 1998 First Quarter Earnings
COLUMBUS, Ohio, May 18 /PRNewswire/ -- The Limited, Inc. (NYSE: LTD; London) today reported that net sales for
the quarter increased 10% to $2.008 billion from $1.830 billion last year. Earnings per diluted share, before special and
non-recurring items, were $.09 for the quarter ended May 2, 1998, up 29% from $.07 per share last year. In addition, the
Company recognized a net pre-tax special and nonrecurring gain of $88.6 million, or $.19 per diluted share, consisting of a
gain on the sale of the Company's remaining shares in Brylane, Inc., offset by a $5.1 million charge related to severance costs
for the downsizing of Henri Bendel. Comparable store sales increased 8% for the quarter.
Operating income, excluding special and non-recurring items, was $56.3 million, an increase of 14% compared to $49.6
million for the same quarter last year. Net income, excluding special and nonrecurring items, was $25.8 million, an increase of
34% compared to $19.3 million for last year.
The Company is continuing its ongoing program of focusing its resources on increasing shareholder value. As a further step in
this direction, the Company successfully established Abercrombie & Fitch (NYSE: ANF - news) as an independent company
and, via the same transaction, reduced the total number of Limited, Inc. outstanding shares by 17%.
The Limited, Inc., through Express, Lerner New York, Lane Bryant, Limited Stores, Structure, Limited Too, Galyan's and
Henri Bendel, presently operates 3,684 specialty stores. The Company also owns approximately 83% of Intimate Brands, Inc.
(NYSE: IBI - news) which through Victoria's Secret Stores and Bath & Body Works presently operates 1,757 specialty
stores and distributes apparel internationally through the Victoria's Secret Catalogue.
THE LIMITED, INC. and SUBSIDIARIES
FIRST QUARTER REPORT
May 2, 1998
The following are The Limited, Inc.'s unaudited results for the
thirteen weeks ended May 2, 1998 compared to the thirteen weeks ended
May 3, 1997.
Thirteen Thirteen
Weeks Ended Weeks Ended Percent
May 2, 1998 May 3, 1997 Increase
(in thousands except per share data)
Net Sales $2,008,077 $1,829,780 9.7%
Income Before Income Taxes $ 137,469 $ 44,873 206.4%
Net Income $ 79,469 $ 24,873 219.5%
Net Income (Excluding
Special and Nonrecurring
Items and Gain on Sale
of Stock and in
Connection With Initial
Public Offering) $ 25,836 $ 19,267 34.1%
Diluted Earnings Per Share $ 0.28 $ 0.09 211.1%
Basic Earnings Per Share $ 0.29 $ 0.09 222.2%
Basic and Diluted Earnings
Per Share (Excluding
Special and Nonrecurring
Items and Gain on Sale
of Stock and in
Connection With Initial
Public Offering) $ 0.09 $ 0.07 28.6%
Weighted Average Dilutive
Shares Outstanding 279,362 272,478
Weighted Average Shares
Outstanding - No Dilution 273,838 271,322
SOURCE: The Limited |
