The Company completed its existing $100 million share repurchase program on August 3, 2005, bringing the total dollar amount of shares repurchased this year to $200 million. As part of its ongoing strategy to return value to its shareholders, the Company announced that its Board of Directors has authorized an additional $100 million share repurchase program.
2005 Outlook
The Company's projected 2005 third quarter earnings range is a loss of $0.01 to earnings of $0.01 versus adjusted earnings of $0.10 per share last year. Last year's adjusted earnings included a $0.03 per share gain from the favorable settlement of tax matters and a $0.01 gain on the sale of land.
For the full year, the Company expects earnings per share of about $1.36 to $1.38, down 2-4% versus last year's adjusted result of $1.33 plus the $0.08 per share one-time non-cash lease accounting charge taken in the fourth quarter of 2004.
The Company stated that it expects slightly negative August comparable store sales, versus its initial expectation of mid-single digit positive comps, driven by softness at Express.
To hear the Company's live second quarter earnings conference call, log on to www.LimitedBrands.com at 8:00 a.m. EST on Thursday, August 18, 2005, or call 1-877-601-1433. To hear a replay of the earnings call, dial 1-800-337- 6551, followed by the ID code LTD (583). An audio replay of the conference call, as well as additional financial information, will also beavailable at www.LimitedBrands.com.
Founded in 1963, with one women's apparel store in Columbus, Ohio, Limited Brands has grown into more than 3,800 stores and six retail brands. They continue to build a family of the world's best fashion brands that creates sustained growth of shareholder value by focusing their time, talent, and capital on the highest return opportunities.
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