COLUMBUS, Ohio, Dec. 1, 2011 /PRNewswire/ -- Limited Brands,
Inc. (NYSE: LTD) reported a comparable store sales increase of 7
percent for the four weeks ended Nov. 26,
2011, compared to the four weeks ended Nov. 27, 2010. The company reported net
sales of $872.6 million for the four
weeks ended Nov. 26, 2011, compared
to net sales of $893.0 million last
year. The decline in sales year over year was driven by the sale of
our third party apparel sourcing business in the beginning of
November 2011.
(Logo: http://photos.prnewswire.com/prnh/20020520/CLM001LOGO
)
The company reported a comparable store sales increase of 10
percent for the 43 weeks ended Nov. 26,
2011, compared to the 43 weeks ended Nov. 27, 2010. The company reported net
sales of $7.721 billion for the 43
weeks ended Nov. 26, 2011, compared
to sales of $7.050 billion last
year.
Special Dividend
The company announced that its Board of Directors has
declared a special dividend of $2 per
share, which will be paid on Dec. 23,
2011, to shareholders of record at the close of business on
Dec. 12, 2011.
Leslie H. Wexner, chairman and
chief executive officer, stated, "Returning value to our
shareholders is paramount for us. Our earnings growth and
disciplined management of the business have resulted in significant
free cash flow and a very strong cash and liquidity position.
Going forward, we are confident in the growth opportunities for our
business, which will allow us to continue to return excess cash to
shareholders through a combination of ongoing regular dividends,
share repurchases and special dividends."
The company expects 2011 free cash flow of approximately
$700 million and a year-end cash
balance, after the payment of the special dividend, of
approximately $800 million.
With this distribution, the company will have returned $12 billion to shareholders since 2000.
To hear further commentary provided on Limited Brands'
prerecorded November sales message, call 1-866-639-7583
(1-866-NEWS-LTD), or log onto www.Limitedbrands.com for an audio
replay.
ABOUT LIMITED BRANDS:
Limited Brands, through Victoria's Secret, Pink, Bath & Body
Works, La Senza and Henri Bendel, is
an international company. The company operates 2,640
specialty stores in the United
States and its brands are sold in more than 600
company-operated and franchised additional locations
world-wide. The company's products are also available online
at www.VictoriasSecret.com, www.BathandBodyWorks.com,
www.HenriBendel.com and www.LaSenza.com.
Limited Brands b-roll footage of stores is available through our
online newsroom.
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995
Limited Brands, Inc. cautions that any forward-looking
statements (as such term is defined in the Private Securities
Litigation Reform Act of 1995) contained in this press release or
the November sales call involve risks and uncertainties and are
subject to change based on various factors, many of which are
beyond our control. Accordingly, our future performance and
financial results may differ materially from those expressed or
implied in any such forward-looking statements. Words such as
"estimate," "project," "plan," "believe," "expect," "anticipate,"
"intend," "planned," "potential" and similar expressions may
identify forward-looking statements. Risks associated with
the following factors, among others, in some cases have affected
and in the future could affect our financial performance and actual
results and could cause actual results to differ materially from
those expressed or implied in any forward-looking statements
included in this press release or the November sales call:
- general economic conditions, consumer confidence, consumer
spending patterns and market disruptions including severe weather
conditions, natural disasters, health hazards, terrorist
activities, financial crises, political crises or other major
events, or the prospect of these events;
- the seasonality of our business;
- the dependence on a high volume of mall traffic and the
possible lack of availability of suitable store locations on
appropriate terms;
- our ability to grow through new store openings and existing
store remodels and expansions;
- our ability to successfully expand into international markets
and related risks;
- our independent licensees and franchisees;
- our direct channel business;
- our failure to protect our reputation and our brand
images;
- our failure to protect our trade names, trademarks and
patents;
- the highly competitive nature of the retail industry generally
and the segments in which we operate particularly;
- consumer acceptance of our products and our ability to keep up
with fashion trends, develop new merchandise and launch new product
lines successfully;
- our reliance on foreign sources of production, including risks
related to:
- political instability;
- duties, taxes and other charges on imports;
- legal and regulatory matters;
- volatility in currency exchange rates;
- local business practices and political issues;
- potential delays or disruptions in shipping and related pricing
impacts;
- the disruption of imports by labor disputes; and
- changing expectations regarding product safety due to new
legislation;
- stock price volatility;
- our failure to maintain our credit rating;
- our ability to service our debt;
- our ability to retain key personnel;
- our ability to attract, develop and retain qualified employees
and manage labor costs;
- the inability of our manufacturers to deliver products in a
timely manner and meet quality standards;
- fluctuations in product input costs;
- fluctuations in energy costs;
- increases in the costs of mailing, paper and printing;
- claims arising from our self-insurance;
- our ability to implement and maintain information technology
systems;
- our failure to comply with regulatory requirements;
- tax matters; and
- legal and compliance matters.
We are not under any obligation and do not intend to make
publicly available any update or other revisions to any of the
forward-looking statements contained in this press release or the
November sales call to reflect circumstances existing after the
date of this press release or to reflect the occurrence of future
events even if experience or future events make it clear that any
expected results expressed or implied by those forward-looking
statements will not be realized. Additional information regarding
these and other factors can be found in "Item 1A. Risk Factors" in
our 2010 Annual Report on Form 10-K.
LIMITED BRANDS
|
NOVEMBER 2011
|
|
Comparable Store Sales
Increase (Decrease):
|
|
|
|
|
|
|
|
|
November
2011
|
|
November
2010
|
Year-to-Date
2011
|
|
Year-to-Date
2010
|
|
|
|
|
|
|
|
Victoria's Secret
Stores
|
11%
|
|
13%
|
14%
|
|
13%
|
La Senza
|
(7%)
|
|
(10%)
|
(2%)
|
|
0%
|
Bath & Body Works
|
6%
|
|
8%
|
7%
|
|
5%
|
Limited Brands
|
7%
|
|
10%
|
10%
|
|
9%
|
|
|
|
|
Total Stores:
|
|
|
|
|
|
|
|
|
Stores
|
Year-to-date
|
Stores
|
|
Operating
|
Operating
|
|
at 1/29/11
|
Opened
|
Closed
|
at 11/26/11
|
|
|
|
|
|
Victoria's Secret
Stores
|
1,028
|
8
|
(13)
|
1,023
|
Bath & Body Works
|
1,606
|
6
|
(14)
|
1,598
|
Henri Bendel
|
11
|
8
|
-
|
19
|
Total United
States
|
2,645
|
22
|
(27)
|
2,640
|
|
|
|
|
|
La Senza Canada
|
252
|
-
|
(3)
|
249
|
Bath & Body Works
Canada
|
59
|
10
|
-
|
69
|
Victoria's Secret
Canada
|
12
|
8
|
(1)
|
19
|
Total Limited
Brands
|
2,968
|
40
|
(31)
|
2,977
|
SOURCE Limited Brands, Inc.