Limited Results

Limited Brands Inc. (Columbus, Ohio) has reported that sales and income were practically flat for fiscal 2002 and for the company's fourth quarter, both ending Feb. 1, 2003.

On a reported basis, operating income was down 6.9 percent and net income was down 3.4 percent for the year. (Reported net income includes income from discontinued operations related to the sale of Lerner New York. On an adjusted basis, operating income was up 26.7 percent and net income was up 28.2 percent.)

Net sales for the year increased 7 percent, and same-store sales were up 3 percent.

For the fourth quarter, net income was up 8 percent, net sales increased 4 percent and same-store sales were flat.

In 2003, the retailer said it expects spring season earnings per share to be down 10 percent to 20 percent versus last year, consisting of a down first quarter and a flat to slightly improved second quarter. For the year, the company anticipates an earnings per share range of flat to up 5 percent.

“[This] was a very difficult retail environment, with continued declines in mall traffic and a shorter shopping season,” said chairman and ceo Leslie Wexner. “We anticipate that the economic climate for 2003 will continue to be challenging. We are focused on maintaining our powerful financial position as we focus on growth.”

The company's report did not break down results according to its various divisions and subsidiaries, which include The Limited stores, Express, Express Men's (the former Structure), Henri Bendel and Intimate Brands (Victoria's Secret, Bath & Body Works and White Barn Candle Co.).