statement

Management is restructuring the company to focus on intimate apparel and personal care chains, such as its Victoria's Secret and Bath & Body Works stores. The company is growing both of those chains, which total more than 2,500 units.

Limited is also cutting about 10% of the 5,300-person workforce in its corporate and brand-home offices. Executives do not plan to eliminate workers in stores, distribution warehouses or call centers.

Additionally, Limited has boosted its previously announced $500-million share repurchase program to $1 billion. The company has so far purchased $190.5 million in shares and also intends to raise $1.25 billion in debt to fund the repurchase program and other ventures.