Limited Brands Inc. (Columbus, Ohio) reported that results for the second quarter of 2002 “exceeded our initial expectations,” according to chairman and ceo Leslie Wexner. “However, the overall environment remains challenging, and we have a cautious outlook toward the fall season. We will continue our strategy of conservatism and discipline.”
Net sales increased 8 percent for the 13 weeks and same-store sales were up a modest but encouraging 4 percent. Earnings were flat and net income was up 16 percent. Adjusted earnings (reflecting the recombination of Intimate Brands Inc.; the initial public offerings of Alliance Data Systems Corp. and Galyan's Trading Co., which Limited Brands owns a minority interest in; and the sale of Lane Bryant to Charming Shoppes in August 2001) were up 129 percent.