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Limited Revises Earnings Down

COLUMBUS, OH-The restatement comes on the heels of a disappointing March for the company.

By Dees Stribling | Updated on April 11, 2005

COLUMBUS, OH-Limited Brands has restated its Q4 2004 results, as many major retailers are doing this year, and while some of its numbers didn’t change from January’s preliminary ones, the restatement did take a bite out of the clothes purveyor’s earnings. According to the restatement, earnings for fiscal Q4 2004 (ended Jan. 29) was $382.5 million, or $0.87 a share, up from $387.6 million, or $0.74 cents a share, a year earlier. Limited’s preliminary earnings for the quarter were $0.95 a share.

Sales figures, by contrast, were not affected by the restatement, and were the same in the final report as the preliminary one. Total sales rose to $3.33 billion from $3.23 billion, and comp-store sales in the fourth quarter rose 2% over Q4 2003.

The restatement came on the heels of a poor showing in March for the retailer, which operates over 3,730 stores, including Victoria’s Secret, Bath & Body Works, Express, Limited Stores, White Barn Candle Co. and Henri Bendel. Limited Brands’ aggregate comp-store sales decreased of 7% for the five weeks ended April 2, 2005, compared to the five weeks ended April 3, 2004; the company also reported a comp-store sales decrease of 6% for the nine weeks ended April 2, 2005, compared to a similar period last year.

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