COLUMBUS, Ohio, Aug. 9 /PRNewswire/ -- The Limited, Inc.
(NYSE: LTD; London) announced today second quarter net sales of
$1.585 billion, versus $1.689 billion a year ago. Net income was
$53.8 million compared to $68.2 million last year. Earnings per share
were $.15 compared to $.19 per share in 1993.
Record operating results were produced by the Company's lingerie,
men's, girls' and personal care products businesses, with store-for-store sales increases of over 10% and operating income up more than 75%.
The comparable store sales of the women's apparel businesses were down
13%, consistent with the sales pattern seen throughout the season.
These results were in line with the Company's expectations.
Leslie H. Wexner, Chairman and Chief Executive Officer, said, "I was
pleased by our performance at both Victoria's Secret Stores and
Victoria's Secret Catalogue, where sales and operating income increased
significantly. Grace Nichols and her associates at Victoria's Secret
Stores delivered the highest profits in the Company, with operating
income up significantly over last year and their best ever second
quarter operating income rate.
"Cynthia Fedus and the Victoria's Secret Catalogue associates
generated significant sales and operating income increases, and
announced their expansion to a second telephone sales center to be
opened on September 19, in Kettering, Ohio.
"Our men's businesses also produced solid profit improvements over
last year. Structure, under the leadership of David Mangini, continued
to produce strong sales gains, and put in place plans to test its first
catalogue offering in the Fall. Michael Jeffries and his associates at
Abercrombie & Fitch, improved margins dramatically and, consequently,
had a significantly improved bottom line.
"I am very proud of the continued growth of our personal care
products category, as evidenced by the excellent performance of Beth
Pritchard and her Bath & Body Works associates. BBW delivered a
significant increase in sales and the highest store-for-store sales
gains in the Company. The power of this business and brand was one of
the reasons we announced it would be our first effort to expand
overseas, with stores in the U.K. slated to open later this year in a
partnership with British retailer NEXT Plc.
"Our children's category also grew in the second quarter, as the
Limited Too associates, under the leadership of Susan O'Toole, produced
meaningful sales and operating income improvements.
"We continued to strengthen the leadership and fashion presentation
in our women's apparel businesses. Michael Weiss, who manages this
category, has maintained his focus on merchandising and other
fundamentals, including customer service, merchandise quality, and
bringing more clarity to the brands. I was also pleased that the Lerner
New York associates, under the leadership of Barry Aved, had an
improvement in earnings over a year ago, both in operating income rate
"Inventory levels in our women's apparel businesses were
purposefully planned conservatively, as we were determined not to have
an overhang of Summer merchandise into the Fall season. As a result, we
are positioned to improve the sales and earnings opportunities as our
Fall merchandise moves into the stores. I firmly believe that the
quality of our merchandise, our associate teams and the divisional
leadership has much improved and, most importantly, I think these
strengths are becoming more apparent to our customers."
The Limited, Inc., through Express, Lerner New York, Limited Stores,
Victoria's Secret, Lane Bryant, Structure, Limited Too, Bath & Body
Works, Abercrombie & Fitch, Henri Bendel, Cacique, and Penhaligon's,
presently operates 4,696 specialty stores and distributes apparel
nationally through the Victoria's Secret Catalogue.
/CONTACT: Alfred S. Dietzel of The Limited, Inc., 614-479-7070/
/FIRST AND FINAL ADD -- TABULAR MATERIAL -- TO FOLLOW/
CO: The Limited, Inc.
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4709 08/09/94 08:14 EDT
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EOS (PRN) Aug/09/94 08:14 86
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