LIMITED BRANDS INC. $44 (New York symbol LTD; Aggressive Growth Portfolio, Consumer sector; Shares outstanding: 288.4 million; Market cap: $12.7 billion; Price-to-sales ratio: 1.2; Dividend yield: 2.7%; TSINetwork Rating: Average; www.- limitedbrands.com) owns the Victoria’s Secret lingerie chain and the Bath & Body Works personalcare products stores.
Limited is restructuring the La Senza lingerie chain in Canada, including closing a third of its stores (it now has 158 outlets) and shifting its focus to younger shoppers.
In its 2013 fiscal year, which ended February 2, 2013, Limited’s sales rose just 0.9%, to $10.5 billion from $10.4 billion in 2012. That’s mainly because it closed 65 stores, bringing its total down to 2,876. However, same-store sales rose 6%, including 7% gains at both the Victoria’s Secret division, which includes La Senza, and Bath & Body Works.
Limited wrote down the goodwill associated with the La Senza purchase by $93.2 million. If you disregard this and other unusual items, it would have earned $866.7 million in fiscal 2013, up 6.0% from $817.3 million in 2012. Earnings per share rose 12.3%, to $2.92 from $2.60, on fewer shares outstanding.
The company continues to do a good job of managing its costs and inventories, which will help offset the slowing sales.
The stock trades at 14.6 times the $3.02 a share that Limited should earn in fiscal 2014. The $1.20 dividend yields 2.7%.
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