Limited, Intimate Brands Report Losses
The Limited Inc. and its Intimate Brands Inc. unit reported fiscal third-quarter losses yesterday.Columbus, OH-based The Limited posted an $11.8 million adjusted net loss for the three months ended Nov. 3, compared with income of $49.2 million last year. Net sales fell to $1.906 billion from $2.168 billion, while sales at stores open at least one year fell 7 percent.
Excluding sales in both periods from Lane Bryant, which was sold to Charming Shoppes Inc. in August, sales decreased 4 percent.
Intimate Brands' operating loss totaled $13.5 million, compared with income of $80.1 million last year. Its net loss was $10.7 million, compared with income of $43.2 million last year.
Net sales fell to $905.6 million from $944 million, as comparable-store sales were down 10 percent.
The Limited owns about 84 percent of Intimate Brands.
