Limited Brands reports Q1 2009 earnings

USA -- Limited Brands Inc reported 2009 first quarter results.

First Quarter Results
Earnings per share for the first quarter ended May 2, 2009, were $0.01 compared to adjusted earnings per share of $0.11 for the quarter ended May 3, 2008, which exclude certain significant items in 2008 as detailed below.

First quarter operating income was $65.2 million compared to adjusted operating income of $100.4 million last year, and net income was $2.6 million compared to adjusted net income of $36.4 million last year.

Including the 2008 significant items detailed below, 2008 reported first quarter earnings per share were $0.28, operating income was $209.4 million, and net income was $97.8 million.

The 2008 results contain certain significant items totaling $0.18 per share. These items include:
a€¡é A pre-tax gain of $128 million ($81 million after-tax), or $0.24 per share, related to the sale of a non-core joint venture; and
a€¡é A pre-tax charge of $19 million ($19.6 million after-tax), or $0.06 per share, related to the impairment of the investment carrying value of another non-core joint venture.

Comparable store sales for the first quarter decreased 7 percent, and net sales were $1.725 billion compared to $1.925 billion last year.

At the conclusion of this press release is a reconciliation of reported to adjusted results, including a description of the significant items.

2009 Outlook
The company stated that it expects 2009 second quarter earnings per share to be $0.11 to $0.16 compared to adjusted earnings per share of $0.27 per share last year.

For 2009, the company expects earnings per share of $0.67 to $0.87.
 
Limited Brands Inc