Date of report (Date of earliest event reported): February 2, 2012 | ||
Limited Brands, Inc. | ||
(Exact Name of Registrant as Specified in Its Charter) | ||
Delaware | ||
(State or Other Jurisdiction of Incorporation) | ||
1-8344 | 31-1029810 | |
(Commission File Number) | (IRS Employer Identification No.) | |
Three Limited Parkway Columbus, OH | 43230 | |
(Address of Principal Executive Offices) | (Zip Code) | |
(614) 415-7000 | ||
(Registrant's Telephone Number, Including Area Code) | ||
Not Applicable | ||
(Former Name or Former Address, if Changed Since Last Report) |
Limited Brands, Inc. | |||
Date: | February 6, 2012 | By: | /s/ STUART B. BURGDOERFER |
Stuart B. Burgdoerfer | |||
Executive Vice President and Chief Financial Officer |
• | A pre-tax gain of approximately $115 million, or $0.37 per share, related to the sale of our third party apparel sourcing business; and |
• | A pre-tax, principally non-cash charge of approximately $220 to $270 million, or $0.64 to $0.78 per share, related to intangible asset impairment and store closures at La Senza. |
• | general economic conditions, consumer confidence, consumer spending patterns and market disruptions including severe weather conditions, natural disasters, health hazards, terrorist activities, financial crises, political crises or other major events, or the prospect of these events; |
• | the seasonality of our business; |
• | the dependence on a high volume of mall traffic and the possible lack of availability of suitable store locations on appropriate terms; |
• | our ability to grow through new store openings and existing store remodels and expansions; |
• | our ability to successfully expand into international markets and related risks; |
• | our independent licensees and franchisees; |
• | our direct channel business; |
• | our failure to protect our reputation and our brand images; |
• | our failure to protect our trade names, trademarks and patents; |
• | the highly competitive nature of the retail industry generally and the segments in which we operate particularly; |
• | consumer acceptance of our products and our ability to keep up with fashion trends, develop new merchandise and launch new product lines successfully; |
• | our reliance on foreign sources of production, including risks related to: |
◦ | political instability; |
◦ | duties, taxes and other charges on imports; |
◦ | legal and regulatory matters; |
◦ | volatility in currency exchange rates; |
◦ | local business practices and political issues; |
◦ | potential delays or disruptions in shipping and related pricing impacts; |
◦ | the disruption of imports by labor disputes; and |
◦ | changing expectations regarding product safety due to new legislation; |
• | stock price volatility; |
• | our failure to maintain our credit rating; |
• | our ability to service our debt; |
• | our ability to retain key personnel; |
• | our ability to attract, develop and retain qualified employees and manage labor costs; |
• | the inability of our manufacturers to deliver products in a timely manner and meet quality standards; |
• | fluctuations in product input costs; |
• | fluctuations in energy costs; |
• | increases in the costs of mailing, paper and printing; |
• | claims arising from our self-insurance; |
• | our ability to implement and maintain information technology systems; |
• | our failure to comply with regulatory requirements; |
• | tax matters; and |
• | legal and compliance matters. |
Limited Brands: | ||||
Investor Relations | Media Relations | |||
Amie Preston | Tammy Roberts Myers | |||
(614) 415-6704 | (614) 415-7072 | |||
apreston@limitedbrands.com | extcomm@limitedbrands.com |
January 2012 | January 2011 | Fourth Quarter 2011 | Fourth Quarter 2010 | Year 2011 | Year 2010 | ||||||
Victoria's Secret Stores | 17% | 35% | 12% | 15% | 14% | 14% | |||||
La Senza | (8%) | 8% | (3%) | (5%) | (2%) | (1%) | |||||
Bath & Body Works | (3%) | 9% | 3% | 6% | 6% | 5% | |||||
Limited Brands | 9% | 24% | 7% | 10% | 10% | 9% |
Fourth Quarter 2011 | Fourth Quarter 2010 | Year 2011 | Year 2010 | ||||||||||||
Victoria's Secret Stores | $ | 1,572.2 | $ | 1,392.7 | $ | 4,563.9 | $ | 4,018.1 | |||||||
Victoria's Secret Direct | 518.8 | 503.6 | 1,557.5 | 1,502.1 | |||||||||||
La Senza | 119.4 | 121.2 | 414.9 | 398.2 | |||||||||||
Total Victoria's Secret | $ | 2,210.4 | $ | 2,017.5 | $ | 6,536.3 | $ | 5,918.4 | |||||||
Bath & Body Works | $ | 1,127.9 | $ | 1,080.9 | $ | 2,674.3 | $ | 2,515.2 | |||||||
Total Other | $ | 177.1 | $ | 357.5 | $ | 1,153.4 | $ | 1,179.7 | |||||||
Limited Brands | $ | 3,515.4 | $ | 3,455.9 | $ | 10,364.0 | $ | 9,613.3 |
Stores | Year-to-date | Stores | ||||||
Operating | Operating | |||||||
at 1/29/11 | Opened | Closed | at 1/28/12 | |||||
Victoria's Secret Stores | 1,028 | 8 | (19 | ) | 1,017 | |||
Bath & Body Works | 1,606 | 6 | (25 | ) | 1,587 | |||
Henri Bendel | 11 | 8 | — | 19 | ||||
Total United States | 2,645 | 22 | (44 | ) | 2,623 | |||
La Senza Canada | 252 | — | (22 | ) | 230 | |||
Bath & Body Works Canada | 59 | 10 | — | 69 | ||||
Victoria's Secret Canada | 12 | 8 | (1 | ) | 19 | |||
Total Limited Brands | 2,968 | 40 | (67 | ) | 2,941 |