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Limited Brands Profits Drop 76%

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With higher expenses and lower revenue, retail chain operator Limited Brands Inc. reported its first-quarter results which include a 76% decline in profit from last year.

Earnings per share dropped to $0.06 from $0.19 last year. Operating income was $48.3 million compared to $119.4 million last year, and net income was $23.1 million compared to $96.6 million last year.

On an adjusted basis, the company’s first quarter earnings per share were $0.06 compared to $0.13 last year. Operating income was $48.3 million compared to $119.4 million last year, and net income was $23.1 million compared to $67.8 million last year.

According to a press release, comparable store sales for the quarter ended April 30, 2005 decreased 5% and net sales were $1.975 billion compared to $1.978 billion last year.

The Company stated that it expects second quarter earnings per share to be between $0.23 and $0.25. For the full year 2005, the Company anticipates earnings per share of about $1.41, which is flat to last year’s result of $1.33 adjusted earnings per share plus the $0.08 per share one-time non-cash lease accounting charge taken in the fourth quarter of 2004.

Limited Brands also announced the completion of its current $100 million share repurchase program and the authorization of an additional $100 million share repurchase plan. Both of these repurchase plans are part of the Company’s ongoing strategy to return value to shareholders.

Chris is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.

Limited Brands Profits Drop 76%
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