Limited Q4 Operating Income Flat

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Limited Brands, Columbus, OH, reported yesterday that fourth-quarter operating income was $587.6 million compared to $588.4 million last year while net income totaled $352.9 million compared to $326.5 million a year ago.


Reported net income includes a loss from discontinued operations related to the sale of Lerner New York of $3.8 million in 2002 and income from discontinued operations of $21.9 million in 2001.


On an adjusted basis, operating income was $587.6 million compared to $588.4 million last year as net income reached $357.3 million compared to $354.4 million a year ago.


Comparable store sales for the quarter ended Feb. 1 were flat while net sales of $2.97 billion increased 4 percent compared to sales of $2.84 billion last year.


Also, operating income totaled $837.9 million compared to $895.9 million last year and net income amounted to $501.7 million compared to $518.9 million during the prior year. Reported net income includes income from discontinued operations related to the sale of Lerner New York of $5.6 million in 2002 and $12.7 million in 2001.


Operating income reached $871.7 million compared to $688 million last year while net income totaled $528.2 million compared to $411.9 million in the previous year.


Comparable store sales for the year increased 3 percent and net sales of $8.45 billion increased 7 percent compared to adjusted sales of $7.93 billion during the prior year. Adjusted sales in 2001 exclude sales from Lane Bryant, which was sold to Charming Shoppes, Inc. in August 2001. Net sales during 2001 including Lane Bryant amounted to $8.42 billion.


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