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The Limited, Inc. Announces Fourth Quarter Earnings and Additional Initiatives to Increase Shareholder Value

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The Limited, Inc. Announces Fourth Quarter Earnings and Additional Initiatives to Increase Shareholder Value The Limited, Inc. Announces Fourth Quarter Earnings and Additional Initiatives to Increase Shareholder Value February 28, 2001 -- Pursuing Strategic or Financial Buyer for Lane Bryant -- -- Integrating Structure into the Express Brand under the Leadership of Michael Weiss -- -- Other Organizational Changes Announced -- COLUMBUS, Ohio, Feb. 28 /PRNewswire/ -- The Limited, Inc. (NYSE: LTD; London) today announced a number of initiatives designed to further the creation of shareholder value. The Company also announced adjusted fourth quarter earnings per share, excluding special items, of $0.55, in line with current Wall Street estimates. The initiatives include: * The intention to sell Lane Bryant to a strategic or financial buyer; * The integration of Structure into the Express brand as Express Men's, under the leadership of Express President and CEO Michael Weiss; and, * Key organizational changes at the Company. "These initiatives are a continuation of our focus on offering our customers the best shopping experience, our associates the best career opportunities, and our shareholders maximum value," said Leslie H. Wexner, Chairman and CEO of The Limited. Sale of Lane Bryant The Company announced its intent to pursue a strategic or financial buyer for Lane Bryant and has retained Lazard Freres to represent it in this transaction. "Lane Bryant has established itself as the leading women's plus- size business. It is well positioned and now is an ideal time to pursue future growth opportunities with a strategic or financial buyer," Mr. Wexner said. Ken Gilman will join Lane Bryant as CEO. Jill Dean will retain her position as President of Lane Bryant. "I want to thank Ken for his more than 25 years of dedicated service to The Limited, most recently as Vice-Chairman and Chief Administrative Officer. We look forward to his leadership of this important new venture," Mr. Wexner concluded. STRUCTURE TO BECOME EXPRESS MEN'S Structure will become Express Men's under the leadership of Michael Weiss, President and CEO of Express. "This is a great opportunity to further grow the Express brand and reunite Structure with its original brand and leader, Michael Weiss," said Mr. Wexner. Structure was founded in 1987 as a division of Express. It became a separate division in 1990. "Express, under Michael's leadership, has established itself as a leading fashion brand. Michael and his team of Chuck Turlinski, Executive Vice President, Operations and Administration, and Paul Raffin, Executive Vice President of Merchandising, can now pursue future growth opportunities and synergies with Express Men's," Mr. Wexner added. ORGANIZATIONAL CHANGES The Company also announced the promotion of Len Schlesinger to Executive Vice President and Chief Operating Officer. Mr. Schlesinger joined The Limited in 1999 as Executive Vice President, Organization, Leadership and Human Resources. A member of The Limited's Board since 1996, Mr. Schlesinger served in senior faculty and academic positions at Brown University and the Harvard Business School. Mr. Schlesinger, an expert on organization and human resource management in service organizations, also has consulted for numerous Fortune 500 companies. In his new role, Mr. Schlesinger will assume added responsibility for store operations, sourcing, technology, logistics and legal. He will also continue to serve on The Limited's Board. The Company also announced that V. Ann Hailey, Executive Vice President and Chief Financial Officer, will join The Limited's Board. In summary, Mr. Wexner continued, "all of the additional initiatives announced today are consistent with our commitment to focus our time, talent and capital on the best business opportunities to generate and deliver enhanced shareholder value." SUMMARY OF THE LIMITED, INC.'S STRATEGIC ACTIONS TAKEN TO DELIVER SHAREHOLDER VALUE: Beginning in 1995, The Limited embarked on a strategy to create a family of the world's best fashion brands to drive sustained growth of shareholder value. This effort, in addition to today's announcements, has included the following strategic actions: * The creation of three publicly traded companies: Intimate Brands, Inc. (NYSE: IBI), Abercrombie & Fitch (NYSE: ANF) and Too, Inc. (NYSE: TOO) * The sale of Brylane, Inc. * The sale of majority interests in Alliance Data Systems and Galyan's Trading Company * The repurchase of more than 300 million shares of the Company's stock * The closure of more than one thousand under-performing stores * The divestiture of other non-core assets FULL YEAR AND FOURTH QUARTER RESULTS Full Year Results Sales for the fifty-three week year ended February 3, 2001 were $10.105 billion compared to adjusted sales of $9.544 billion for the fifty-two week year ended January 29, 2000. Comparable store sales increased 5% for the year. On an adjusted basis, reflecting the spin-off of Too, Inc. as if it had occurred at the beginning of fiscal 1999 and excluding special items, earnings per share were $0.97 for the year ended February 3, 2001, flat compared to last year; operating income was $876.0 million, a decrease of 3% compared to $900.3 million last year; and net income was $432.9 million, a decrease of 3% compared to $445.5 million last year. Fourth Quarter Results Sales for the fourteen week fourth quarter ended February 3, 2001 were $3.522 billion compared to sales of $3.296 billion for the thirteen week fourth quarter ended January 29, 2000. Comparable store sales increased 2% for the quarter. On an adjusted basis, excluding special items, earnings per share for the quarter ended February 3, 2001 were $0.55, down 17% from $0.66 per share last year; operating income was $487.4 million, a decrease of 16% compared to $582.5 million last year; and net income was $243.1 million, a decrease of 18% compared to $294.9 million last year. "Except for the performance at Express, the fourth quarter of 2000 was a major disappointment. Given the U.S. economic situation we are planning for modest profit growth in 2001, and we are expecting the first three quarters of the year to be particularly challenging," Mr. Wexner commented. Special Items Please refer to the attached income statements for the quarter and year for results that include special items and the results of Too, Inc. through the date of its separation from the Company. Conference Call The Company will host a live fourth quarter earnings conference call at 8:00 a.m. EST on Thursday, March 1, 2001. V. Ann Hailey, Executive Vice President and Chief Financial Officer, Len Schlesinger, Executive Vice President and Chief Operating Officer, and Michael Weiss, President and CEO of Express, will have prepared remarks and take questions. To listen to the call, log on to www.Limited.com at 8:00 a.m. EST on Thursday, March 1, 2001, 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 be available at www.Limited.com . The Limited, Inc., through Express, Lerner New York, Lane Bryant, Limited Stores, Structure and Henri Bendel, presently operates 2,739 specialty stores. The Company also owns approximately 84% of Intimate Brands, Inc. (NYSE: IBI), the leading specialty retailer of intimate apparel, beauty and personal care products, sold through 2,390 stores under the Victoria's Secret, Bath & Body Works and White Barn Candle Co. brands. SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: All forward-looking statements made by the Company in this press release, in the 2000 year-end earnings call, or any related materials, involve material risks and uncertainties and are subject to change based on various important factors which may be beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, the performance assumptions in this press release, 2000 year-end earnings call and any related materials, changes in consumer spending patterns, consumer preferences and overall economic conditions, the impact of competition and pricing, changes in weather patterns, political stability, currency and exchange risks and changes in existing or potential duties, tariffs or quotas, postal rate increases and charges, paper and printing costs, the availability of suitable store locations on appropriate terms, the ability to develop new merchandise and the ability to hire and train associates, the ability to complete a transaction involving Lane Bryant on acceptable terms, and other factors that may be described in the Company's filings with the Securities and Exchange Commission. The forward-looking information provided in this press release, 2000 year-end earnings call and any related materials is based on information available to the Company as of the date of this press release. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. For further information, please contact: www.Limited.com . Fourth Quarter Year End Financial History http://199.230.26.96/ltd/4QYE_Quarterly_Financial_History.pdf Fourth Quarter Year End Brand Results and 1st Quarter and 01 Projections http://199.230.26.96/ltd/4QYE_00_Brand_Results_and_Projections.pdf Fourth Quarter Year End Store Count and SSF Projections http://199.230.26.96/ltd/4QYE_Store_Count_and_SSF_Projections.pdf Fourth Quarter Year End Sales and Operations Income Summary http://199.230.26.96/ltd/4QYE_Sales_and_Op_Income_Summary.pdf Fourth Quarter Year End Adjusted Condensed Income Information http://199.230.26.96/ltd/4Q_Adjusted_Condensed_Income_Info.pdf Fourth Quarter Year End Financial Information http://199.230.26.96/ltd/4QYE_Financial_Information.pdf Fourth Quarter Year End Notes to Income Statements http://199.230.26.96/ltd/4QYE_00_Notes_to_Income_Statements.pdf SOURCE The Limited, Inc.
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