LIMITED BRANDS INC. $29 (New York symbol LTD; Aggressive Growth Portfolio, Consumer sector; Shares outstanding: 322.8 million; Market cap: $9.4 billion; Price-to-sales ratio: 1.1; Dividend yield: 2.1%; WSSF Rating: Average) operates two main retail chains: Victoria’s Secret (lingerie) and Bath & Body Works (soaps and bath oils). It also operates the La Senza lingerie chain in Canada and 30 other countries.
The company cut its inventories in response to the recession. That let it avoid costly clearance sales, and sell more of its goods at full price.
In its fiscal 2011 second quarter, which ended July 31, 2010, Limited earned $120.6 million, up 100.1% from $60.3 million a year earlier. Earnings per share rose 89.5%, to $0.36 from $0.19, on more shares outstanding. The latest figure excludes a gain on the sale of its remaining 25% stake in the Limited clothing-store chain.
Sales rose 8.5%, to $2.2 billion from $2.1 billion a year earlier. Same-store sales rose 7.0%. The higher earnings and sales reflect the company’s shift away from clothing and toward its more profitable products, such as lingerie and bath soaps.
Limited now aims to expand overseas. Right now, it gets just 6% of its sales from outside the U.S., mostly from Canada. The company feels adding more international stores will help it double its annual sales of $9 billion in the next five years.
The stock trades at 15.6 times Limited’s likely fiscal 2011 earnings of $1.86 a share. That’s a reasonable p/e ratio in light of its rising sales and earnings.
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