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To hear further commentary regarding this revised guidance, call 1-866-639-7583 (1-866-NEWS-LTD), or log onto www.Limitedbrands.com for an audio replay.
As previously reported, the company now expects third quarter earnings per share between $0.00 and a loss of $0.04, versus its previous estimate of a loss of $0.07 to $0.12. Free cash flow for the full year 2009, defined as cash flow from operations less capital expenditures, is expected to be between $500 and $600 million, versus its previous estimate of $350 to $450 million. October comparable store sales are expected to be in the negative low-to-mid single digits, versus its previous estimate of roughly flat. The company will provide fourth quarter earnings guidance on its third quarter earnings call on Nov. 19.
As announced last week, the Investor Update Meeting will be video webcast live on www.LimitedBrands.com from noon to 4 p.m. ET on Oct. 27, and accessible via phone (listen only) by dialing 1-866-583-6618 (international callers dial 1-973-200-3978). An archive of the webcast will be available on www.LimitedBrands.com as soon as possible following the live event.
ABOUT LIMITED BRANDS:
Limited Brands, through Victoria's Secret, Pink, Bath & Body Works, C.O. Bigelow, La Senza, White Barn Candle Co. and Henri Bendel, presently operates 3,015 specialty stores. The company's products are also available online at www.VictoriasSecret.com, www.BathandBodyWorks.com, www.HenriBendel.com and www.LaSenza.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or investor event webcast involve risks and uncertainties and are subject to change based on various important factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Words such as "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," "planned," "potential" and similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this press release or the investor event webcast:
-- general economic conditions, consumer confidence and consumer spending
patterns;
-- the global economic crisis and its impact on our suppliers, customers
and other counterparties;
-- the impact of the global economic crisis on our liquidity and capital
resources;
-- the dependence on a high volume of mall traffic and the possible lack of
availability of suitable store locations on appropriate terms;
-- the seasonality of our business;
-- our ability to grow through new store openings and existing store
remodels and expansions;
-- our ability to expand into international markets;
-- independent licensees;
-- our direct channel business including our new distribution center;
-- our failure to protect our reputation and our brand images;
-- our failure to protect our trade names and trademarks;
-- market disruptions including severe weather conditions, natural
disasters, health hazards, terrorist activities or the prospect of these
events;
-- stock price volatility;
-- our failure to maintain our credit rating;
-- our ability to service our debt;
-- 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, launch new product lines
successfully, offer products at the appropriate price points and enhance
our brand image;
-- our ability to retain key personnel;
-- our ability to attract, develop and retain qualified employees and
manage labor costs;
-- our reliance on foreign sources of production, including risks related
to:
-- political instability;
-- duties, taxes, other charges on imports;
-- legal and regulatory matters;
-- volatility in currency and exchange rates;
-- local business practices and political issues;
-- potential delays or disruptions in shipping and related pricing
impacts; and
-- the disruption of imports by labor disputes;
-- the possible inability of our manufacturers to deliver products in a
timely manner or meet quality standards;
-- fluctuations in energy costs;
-- increases in the costs of mailing, paper and printing;
-- self-insured risks;
-- our ability to implement and sustain information technology systems;
-- our failure to comply with regulatory requirements; and
-- legal matters.
We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release or investor event webcast to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. Additional information regarding these and other factors can be found in "Item 1A. Risk Factors" in our 2008 Annual Report on Form 10-K.
SOURCE Limited Brands, Inc.
http://www.Limitedbrands.com
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