Printer Friendly

THE LIMITED, INC. REPORTS SALES INCREASED 15 PERCENT IN THE THIRD QUARTER

             THE LIMITED, INC. REPORTS SALES INCREASED 15 PERCENT
                             IN THE THIRD QUARTER
    COLUMBUS, Ohio, Nov. 12 /PRNewswire/ -- The Limited, Inc. (NYSE/LSE/TSE: LTD) announced today that during the third quarter, net sales grew to $1.433 billion, an increase of 15 percent from $1.248 billion a year ago.  Net income decreased 14 percent to $73 million from $85 million, while earnings per share decreased 13 percent to $.20 from $.23 a year ago.
    Leslie H. Wexner, chairman, said, "As expected, the difficult economic environment persisted, consumer uncertainty remained and shopping traffic slowed into the third quarter.  However, these are external factors and we have no more control over them than the weather. The external factors are not an excuse for such mediocre performance. Clearly, I believe it is always our merchandising that produces success or failure.
    "When we are fashion right and execute our merchandising well, we can and do get paid for our work.  Proving this point, Michael Weiss and the Express associates produced a very good third quarter.  Sales and gross margins were up, and operating income increased significantly against a year ago.  I expect that their momentum will continue into the fourth quarter.
    "Similarly, Grace Nichols and the Victoria's Secret Stores associates continued to produce solid results and improved operating income."
    Wexner continued, "As we start the holiday season, our inventories are fresh and well positioned to achieve our sales and earnings expectatons for the fourth quarter."
    Wexner concluded, "Still, I expect the current economic environment to continue through the fourth quarter and into next year.  But we have taken significant steps in fundamental areas of the business and momentum is building.  We are focused on fashion, listening to the customers, executing the details and sticking to the basics.  We have the opportunity to produce very good results."
    The Limited, Inc., through Limited Stores, Lerner New York, Lane Bryant, Express, Victoria's Secret, Structure, Limited Too, Abercrombie & Fitch, Henri Bendel, Cacique, Victoria's Secret Bath Shops, Bath & Body Works and Penhaligon's presently operates 4,247 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
                             Third Quarter Report
                               November 2, 1991
    The following are The Limited's unaudited results for the third quarter of fiscal year 1991, as compared to the third quarter of fiscal year 1990:
                                        Thirteen Weeks Ended
                                (in thousands except per share data)
                                                            Percent
                             Nov. 2, 1991   Nov. 3, 1990  Incr (Decr)
    Net Sales                 $1,433,412     $1,247,893      14.9
    Income Before Income Taxes  $118,872       $138,917     (14.4)
    Net Income                    72,872         84,917     (14.2)
    Earnings Per Share             $0.20          $0.23     (13.0)
    Weighted Average
      Shares Outstanding         363,530        361,511
    The following are The Limited's results for the 39 weeks ended Nov. 2, 1991, as compared to the same period in fiscal year 1990:
                                     Thirty-nine Weeks Ended
                                (in thousands except per share data)
                                                            Percent
                             Nov. 2, 1991   Nov. 3, 1990  Incr (Decr)
    Net Sales                 $4,093,079     $3,509,800      16.6
    Income Before Income Taxes  $331,957       $371,257     (10.6)
    Net Income                   202,957        226,257     (10.3)
    Earnings Per Share             $0.56          $0.62      (9.7)
    Weighted Average
      Shares Outstanding         363,534        362,092
    -0-                           11/12/91
    /CONTACT:  Alfred S. Dietzel of The Limited, Inc., 614-479-7070/
    (LTD) CO:  The Limited, Inc. ST:  Ohio IN:  REA SU:  ERN KK -- CL001 -- 3288 11/12/91 08:52 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 12, 1991
Words:575
Previous Article:CABOT BOARD VOTES DIVIDEND
Next Article:SELAS DECLARES CASH DIVIDEND
Topics:


Related Articles
EDISON BROTHERS REPORTS HIGHER THIRD QUARTER EARNINGS
SHOPKO STORES REPORTS THIRD QUARTER RESULTS
/C O R R E C T I O N -- THE LIMITED, INC./
TOYS "R" US REPORTS 15 PERCENT INCREASE IN THIRD QUARTER NET EARNINGS
STOCKS ON-CALL LISTING FOR OCT. 28, 1993
SHOPKO STORES REPORTS THIRD QUARTER EARNINGS
SHOPKO STORES REPORTS THIRD QUARTER RESULTS
ShopKo Third Quarter Sales Increase 20%
The Limited, Inc. Reports 1997 Third Quarter Earnings
The Limited, Inc. Reports 1998 Third Quarter Earnings.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters