01.07.10
Limited Brands, Inc. reported a comparable store sales decrease of 2% for the five weeks ended Jan. 2, 2010, compared to the five weeks ended Jan. 3, 2009. The company reported net sales of $1.6 billion for the five weeks ended Jan. 2, 2010, compared to net sales of $1.644 billion last year. For the 48 weeks ended Jan. 2, 2010, the company reported a comparable store sales decrease of 5% and net sales of $8.0 billion.
Sales and merchandise margin rates for the fourth quarter to date are above the company's initial expectations. As a result, the company is raising its fourth quarter 2009 earnings guidance to $0.92 to $0.97 per share, versus its previous guidance of $0.71 to $0.86 per share.
Les Wexner, chairman and chief executive officer, said, "We are very pleased with our holiday performance. We managed inventory and expenses conservatively and focused on execution and speed to maximize sales and margin. Going forward, we plan to continue our conservative management of the business and increase our emphasis on speed and agility."
Sales and merchandise margin rates for the fourth quarter to date are above the company's initial expectations. As a result, the company is raising its fourth quarter 2009 earnings guidance to $0.92 to $0.97 per share, versus its previous guidance of $0.71 to $0.86 per share.
Les Wexner, chairman and chief executive officer, said, "We are very pleased with our holiday performance. We managed inventory and expenses conservatively and focused on execution and speed to maximize sales and margin. Going forward, we plan to continue our conservative management of the business and increase our emphasis on speed and agility."