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THE LIMITED, INC. REPORTS FIRST QUARTER SALES INCREASED 10 PERCENT

THE LIMITED, INC. REPORTS FIRST QUARTER SALES INCREASED 10 PERCENT
 COLUMBUS, Ohio, May 12 /PRNewswire/ -- The Limited, Inc. (NYSE/LSE/TSE: LTD) reported net sales grew to $1.416 billion, an increase of 10 percent from $1.284 billion a year ago. Net income of $51.5 million increased 1 percent from $50.9 million last year, while earnings per share were flat to last year at $.14 per share.
 Leslie H. Wexner, chairman, said, "I am very disappointed by the flat performance of our business during the first quarter. In addition to the external factors of sluggish mall traffic, a difficult economic environment and unseasonably cold weather, we also created some of our own merchandising problems. However, one division again performed particularly well, proving once more that when we are well- merchandised, we do get paid for our work. Victoria's Secret Stores had their best first quarter ever, generating improved gross margins and record profits measured both in dollars and operating income rate."
 Wexner continued, "Although this certainly was not Limited Stores' best quarter, we are beginning to see some positive signs from last year's restructuring. Howard Gross, president of Limited Stores, has begun to make changes that have long-term significance; quality improvements in merchandise, service and presentation; a move to a single brand; and the reorganization of the merchant team. During the past quarter, these changes generated improved gross margins and profits measured both in dollars and rate over last year. I believe his commitment to quality and fashion leadership will continue to influence sales and earnings gains at Limited Stores throughout 1992 and into 1993."
 Wexner continued, "Last year we began to reposition Lerner New York from a budget business to a mainstream women's specialty store. This important decision was based on our belief that the traditional Lerner budget customer was no longer making her significant apparel purchases in regional malls. Consequently, we have begun to merchandise Lerner to a more conventional specialty store format with improved quality, assortment, presentation and service. We have also discontinued marginal categories -- for example, lingerie, sleepwear and legwear -- to concentrate on the basics of sportswear, active wear and ready to wear."
 Wexner concluded, "I believe these changes at Lerner are well- conceived; however, they may not be without some short term negative influence. Our view is that Lerner is now better focused."
 The results of the first quarter included a $9 million pre-tax gain which resulted from the successful initial public offering of the United Retail Group, a 366-store, large-size, women's specialty retailer in which The Limited, Inc. owns a 20 percent equity interest. The Limited, Inc. sold its Lerner Woman division to United Retail Group in April 1989.
 Also during the first quarter, The Limited, Inc. acquired the remaining 35 percent of Gryphon Development, which develops and manufactures the company's bath and personal care products.
 The Limited, Inc., through Limited Stores, Lerner New York, Lane Bryant, Victoria's Secret, Structure, Limited Too, Abercrombie & Fitch, Henri Bendel, Cacique, Bath & Body Works and Penhaligon's, presently operates 4,257 specialty stores and distributes apparel nationally through the Victoria's Secret, Lane Bryant Direct, Roaman's and Lerner Direct catalogues.
 The Limited, Inc. and Subsidiaries
 First Quarter Report
 May 2, 1992
 The following are The Limited's unaudited results for the first quarter of fiscal year 1992, as compared to the first quarter of fiscal year 1991:
 Thirteen Weeks Ended
 (in thousands except per share data)
 May 2 May 4 Percent
 1992 1991 Increase
 (Decrease)
 Net Sales $1,415,625 $1,284,482 10.2
 Income Before Income
 Taxes 84,525 83,860 0.8
 Net Income 51,525 50,860 1.3
 Earnings Per Share $0.14 $0.14 0.0
 Weighted Average Shares
 Outstanding 363,905 363,322
 -0- 5/12/92
 /CONTACT: Alfred S. Dietzel of The Limited, Inc., 614-479-7070/
 (LTD) CO: The Limited, Inc. ST: Ohio IN: REA SU: ERN


KK -- CL001 -- 8952 05/12/92 08:48 EDT
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Date:May 12, 1992
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