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 and dollars. "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. -0- 8/9/94 /CONTACT: Alfred S. Dietzel of The Limited, Inc., 614-479-7070/ /FIRST AND FINAL ADD -- TABULAR MATERIAL -- TO FOLLOW/ (LTD) CO: The Limited, Inc. ST: Ohio IN: REA SU: ERN BM -- CL004 -- 4709 08/09/94 08:14 EDT -0- (PRN) Aug/09/94 8:14 EOS (PRN) Aug/09/94 08:14 86 â -0- (PRN) Aug/09/94 8:29
THE LIMITED, INC. REPORTS SECOND QUARTER RESULTS
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