Limited Brands Inc. (Columbus, Ohio) announced that sales climbed in the fourth quarter and full year of 2003 and that Michael Weiss was retiring as president and ceo of the company’s Express division.
The long-time sidekick of Limited chairman and ceo Leslie Wexner will be replaced by two different men: Ken Stevens, currently president of the Bath & Body Works division, has been promoted to ceo of Express; and Paul Raffin, currently executive vp of merchandising for Express, has been Promoted to president.
The company said that Stevens will not be replaced at Bath & Body Works. Rather, several leaders at the division will assume increased responsibilities.
In the fourth quarter of 2003 net sales increased 9 percent and same-store sales increased 8 percent. For the full year, net sales increased 6 percent and same-store sales increased 4 percent.
As a result of these figures, the company said it expects spring season earnings to increase 15-25 percent over last year.