Limited Brands Inc. said Thursday that its fourth-quarter profits fell more than 95 percent.
In the quarter ended Jan. 31, the Columbus, Ohio-based retail firm recorded a 95.9 percent fall in profits to $16.1 million, or 5 cents a diluted share, from $388.6 million, or $1.10 a share, in 2008. Sales in the three months fell 8.7 percent to $2.99 billion from $3.28 billion a year ago.
Excluding special items, fourth-quarter EPS was 68 cents a share versus 94 cents last year. On average, analysts polled by Yahoo Finance had expected EPS of 64 cents.
The company said same store sales fell 10 percent in the quarter.
“In the current environment, we are managing all aspects of the business including inventory, expenses, capital expenditures, cash and liquidity very conservatively,” said chairman and chief executive officer Leslie Wexner.
For the full year, the Victoria’s Secret and Bath & Body Works operator posted a profit of $220.1 million, or 65 cents a share, a 69.3 percent drop compared to $718 million, or $1.89 a share, last year. Sales in the 12 months fell 10.8 percent to $9.04 billion from $10.13 billion in 2007.
For complete coverage, see Friday’s WWD.