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Limited meets 1Q estimates
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May 17, 1999: 2:40 p.m. ET
Clothing retailer operating earnings rise 30%, nets 14 cents per share
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NEW YORK (CNNfn) - The Limited Inc., the apparel retailer, posted fiscal first-quarter results Monday that matched Wall Street expectations, as earnings from operations rose 30 percent over the previous year.
The Limited (LTD) said it earned $33.55 million, or 14 cents per diluted share, in the quarter ended May 1, compared with an adjusted $25.84 million, or 9 cents per share, in the year-earlier period. The prior year results reflect the spin-off of Abercrombie & Fitch Co. as if it had occurred at the beginning of the fiscal year.
The latest quarter per share earnings matched the consensus of analysts polled by the First Call Corp.
Net income for the year-earlier quarter, including special and non-recurring items and the impact of the Abercrombie & Fitch (ANF) IPO last May, was $79.47 million, or 28 cents a diluted share.
Sales for the quarter rose 5 percent to $2.11 billion. Excluding the 1998 sales of Abercrombie & Fitch sales rose 12 percent. Sales at stores open a year or more also rose 12 percent.
The Limited, based in Columbus, Ohio, also said it expects to earn 18 cents per share in the second quarter -- the same figure predicted by analysts polled by First Call. The company posted earnings of 13 cents per share in the 1998 second quarter.
"We are encouraged that the branding process which has produced such success at Victoria's Secret and Bath & Body Works is beginning to have an impact at the apparel brands," said Leslie H. Wexner, chairman and CEO of The Limited Inc.
The Limited Inc. operates chains including Express, Lerner New York, Lane Bryant, Limited Stores and Structure. It also owns about 84 percent of Intimate Brands Inc. (IBI), which runs Victoria's Secret and Bath & Body Works.
Shares in The Limited were down 1-1/16 at 46-5/16 in Monday afternoon trading.
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The Limited
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