(Filed Under Financial and General Interest News). Limited Brands, which owns Victoria’s Secret and other brands, reported “Earnings per share for the first quarter ended April 28, 2012, were $0.41 compared to adjusted earnings per share of $0.40 for the quarter ended April 30, 2011. First quarter operating income was $293.2 million compared to adjusted operating income of $266.8 million last year, and net income was $124.6 million compared to adjusted net income of $129.8 million last year.”
The adjusted results exclude “certain significant items” in 2011 “(totaling to a benefit $0.10 per share) including “a pre-tax gain of $86.4 million, or $0.17 per share, related to the sale of Express stock; a pre-tax non-cash expense of $50 million, or $0.10 per share, related to the multi-year funding of the company’s charitable foundation; and an income tax benefit of $11 million, or $0.03 per share, related to the favorable resolution of certain income tax matters. “Including the significant items above, reported first quarter earnings per share were $0.41 compared to $0.50 last year; operating income was $293.2 million compared to $216.8 million last year; and net income was $124.6 million compared to $165.2 million last year.
“Comparable store sales for the first quarter increased 7 percent, and net sales were $2.154 billion compared to $2.217 billion last year. First quarter 2011 sales included $214.0 million attributable to the third party apparel sourcing business, which was sold in November 2011.”
Looking ahead to the second quarter, Limited said “it expects 2012 second quarter earnings per share to be $0.40 to $0.45 compared to adjusted earnings per share of $0.48 per share last year.” For the full year, “the company expects earnings per share of $2.63 to $2.83.
Limited, through Victoria’s Secret, Pink, Bath & Body Works, La Senza and Henri Bendel, operates 2,612 specialty stores in the United States and its brands are sold in more than 700 company-operated and franchised additional locations world-wide.
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