Limited Brands Inc.reported 2012 third quarter results and increased its 2012 full-year earnings guidance.
Third Quarter Results
Adjusted earnings per share for the third quarter ended Oct.27,2012 were$0.26 compared to$0.25 for the third quarter ended Oct.29,2011.2011 earnings per share included approximately$0.03 attributable to the third party apparel sourcing business,which was sold in November 2011.Excluding this amount from last year,adjusted earnings per share increased 18%.
Adjusted third quarter operating income was$197.4 million compared to operating income of$186.1 million last year,and adjusted net income was$75.6 million compared to$77.6 million last year.Adjusted results exclude certain significant items as detailed below:
In 2012(totaling to a charge of$0.01 per share):
A pre-tax charge of$10.4 million,or$0.04 per share,related to La Senza store closures which were previously announced;and
A pre-tax gain of$12.7 million,or$0.03 per share,from cash distributions related to the company's Easton investments.
In 2011:
An income tax benefit,primarily due to the resolution of certain tax matters,of$16.7 million,or$0.06 per share.
Including the significant items above,reported third quarter earnings per share were$0.25 compared to$0.31 last year;operating income was$186.9 million compared to$186.1 million last year;and net income was$73.4 million compared to$94.3 million last year.
The company reported a comparable store sales increase of 5 percent for the third quarter ended Oct.27,2012,compared to the third quarter ended Oct.29,2011.The company reported net sales of$2.050 billion for the third quarter ended Oct.27,2012,compared to net sales of$2.173 billion last year.
Third quarter 2011 net sales included$258.7 million attributable to the third party apparel sourcing business,which was sold in November 2011.
2012 Outlook
The company stated that it expects fourth quarter earnings of$1.62 to$1.77 per share.For 2012,the company increased its adjusted earnings per share forecast to$2.78 to$2.93.
Limited Brands,through Victoria's Secret,Pink,Bath&Body Works,La Senza and Henri Bendel,is an international company.The company operates 2,626 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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