The Limited, Intimate Brands Sales Down for Year
The Limited Inc. and its subsidiary, Intimate Brands Inc., both reported flat fourth-quarter 2001 sales yesterday but said sales for the overall fiscal year had fallen.For its fiscal fourth quarter, which ended Feb. 2, The Limited saw sales of $3.138 billion, down 2 percent from the same period in the previous fiscal year. Intimate Brands, owner of the Victoria's Secret brand and catalog, had sales of $1.936 billion in the quarter, about even with sales in the same period in the previous fiscal year.
Full-year sales for The Limited, which owns about 84 percent of Intimate Brands, were $8.868 billion in fiscal 2001, down 4 percent from the previous year. Sales for Intimate Brands during the overall year fell 5 percent, to $5.021 billion.
For the upcoming fiscal year, The Limited and Intimate Brands said they expected the market to be slow in the first half and would adopt a conservative strategy in managing inventories and budgets, as they had done in the past fourth quarter. The companies said they expected growth in the low- to middle-single digits for fiscal 2002.
