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Limited Brands Inc (LB) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 28, 2012

L Brands, Inc.

CIK: 701985 Ticker: LB
Exhibit 99.1


LIMITED BRANDS ANNOUNCES 19 PERCENT INCREASE IN FOURTH QUARTER ADJUSTED EARNINGS PER SHARE

- REPORTED FOURTH QUARTER EARNINGS PER SHARE $1.17
VERSUS $1.36 LAST YEAR -
    
- ANNOUNCES $500 MILLION SHARE REPURCHASE PROGRAM -

- UPDATES FEBRUARY COMP GUIDANCE AND PROVIDES FIRST QUARTER AND FULL-YEAR 2012 GUIDANCE -


Columbus, Ohio, Feb. 22, 2012 - Limited Brands, Inc. (NYSE: LTD) today reported 2011 fourth quarter and full-year results.

Fourth Quarter Results
Adjusted earnings per share for the fourth quarter ended Jan. 28, 2012, which exclude certain significant items as detailed below, increased 19 percent to $1.50 compared to $1.26 for the quarter ended Jan. 29, 2011. Fourth quarter adjusted operating income was $786.5 million compared to $713.5 million last year, and adjusted net income was $459.2 million compared to $419.7 million last year.

Including the significant items below, reported fourth quarter earnings per share were $1.17 compared to $1.36 last year; operating income was $641.1 million compared to $713.5 million last year; and net income was $359.4 million compared to $452.3 million last year.

Significant items are as follows:
   
In 2011 (totaling to a charge of $0.33 per share):
A pre-tax gain of $110.8 million, or $0.32 cents per share, related to the sale of our third party apparel sourcing business;
A pre-tax, principally non-cash charge of $256.1 million, or $0.74 per share, related to intangible asset impairment and restructuring charges, including store closures, at La Senza; and
A tax benefit of $28.4 million, or $0.09 cents per share, related to certain discrete tax matters.

In 2010 (totaling to a benefit of $0.10 per share):
A pre-tax gain of $44.9 million, or $0.09 per share, related to the sale of Express stock; and
A pre-tax gain of $7.1 million, or $0.01 per share, related to an Express dividend payment.

The company reported a comparable store sales increase of 7 percent for the fourth quarter ended Jan. 28, 2012, compared to the fourth quarter ended Jan. 29, 2011. The company reported net sales of $3.515 billion for the fourth quarter ended Jan. 28, 2012, compared to sales of $3.456 billion last year.
Total sales were negatively impacted by the sale of our third party apparel sourcing business in the beginning of November 2011.


The following information was filed by L Brands, Inc. (LB) on Monday, February 27, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consoldiated Statements Of Comprehensive Income
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income
Consolidated Statements Of Total Equity
Consolidated Statements Of Total Equity (parentheticals)
Accrued Expenses And Other
Accrued Expenses And Other (details)
Accrued Expenses And Other (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Comprehensive Income (loss)
Comprehensive Income (loss) (detail)
Comprehensive Income (loss) (tables)
Derivative Instruments
Derivative Instruments (foreign Exchange Contracts - Balance Sheet Hedging Disclosure) (details)
Derivative Instruments (interest Rate Designated As Cash Flow Hedge) (details)
Derivative Instruments (interest Rate Fair Value Hedges On Balance Sheet, Disclosure) (details)
Derivative Instruments (narrative) (details)
Derivative Instruments (tables)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (depreciable Life Range Of Property Plant And Equipment) (details)
Description Of Business And Summary Of Significant Accounting Policies (narrative) (details)
Description Of Business And Summary Of Significant Accounting Policies (policies)
Description Of Business And Summary Of Significant Accounting Policies (tables)
Divestitures
Divestitures (narrative) (details)
Earnings Per Share
Earnings Per Share (shares Utilized For The Calculation Of Basic And Diluted Earnings Per Share) (details)
Earnings Per Share (tables)
Equity Investments And Other
Equity Investments And Other (details)
Fair Value Measurements
Fair Value Measurements (carrying Value And Fair Value Of Long Term Debt) (detail)
Fair Value Measurements (fair Value, Assets And Liabilities Measured On Recurring Basis) (details)
Fair Value Measurements (fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation) (details)
Fair Value Measurements (tables)
Goodwill, Trade Names And Other Intangible Assets, Net
Goodwill, Trade Names And Other Intangible Assets, Net (narrative) (details)
Goodwill, Trade Names And Other Intangible Assets, Net (schedule Of Goodwill) (details)
Goodwill, Trade Names And Other Intangible Assets, Net (tables)
Income Taxes
Income Taxes (activity Related To Its Unrecognized Tax Benefits) (details)
Income Taxes (effect Of Temporary Differences That Cause Deferred Income Taxes) (details)
Income Taxes (narrative) (details)
Income Taxes (provision For Income Taxes) (details)
Income Taxes (reconciliation Of The Statutory Federal Income Tax Rate And The Effective Tax Rate) (details)
Income Taxes (tables)
Inventories
Inventories (details)
Inventories (tables)
Leases
Leases (leases Rent Expenses) (details)
Leases (minimum Rent Commitments Operating Leases) (details)
Leases (narrative) (details)
Leases (tables)
Long-term Debt
Long-term Debt (narrative) (details)
Long-term Debt (schedule Of Long-term Debt Instruments) (details)
Long-term Debt (schedule Of Principal Payments On Long-term Debt) (details)
Long-term Debt (tables)
New Accounting Pronouncements
Property And Equipment, Net
Property And Equipment, Net (details Of Property And Equipment, Net) (details)
Property And Equipment, Net (narrative) (details)
Property And Equipment, Net (tables)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (details)
Quarterly Financial Data (unaudited) (narrative) (details)
Quarterly Financial Data (unaudited) (tables)
Restructuring Activities
Restructuring Activities (narrative) (details)
Retirement Benefits
Retirement Benefits (details)
Retirement Benefits (tables)
Segment Information
Segment Information (additional Information) (details)
Segment Information (details)
Segment Information (tables)
Share-based Compensation
Share-based Compensation (narrative) (details)
Share-based Compensation (restricted Stock Activity) (details)
Share-based Compensation (share-based Compensation Expense) (details)
Share-based Compensation (stock Option Activity) (details)
Share-based Compensation (tables)
Share-based Compensation (weighted-average Assumptions) (details)
Shareholders' Equity
Shareholders' Equity (dividends Paid) (details)
Shareholders' Equity (narrative) (details)
Shareholders' Equity (schedule Of Company's Repurchase Program) (details)
Shareholders' Equity (tables)
Subsequent Events
Subsequent Events (details)
Supplemental Guarantor Financial Information
Supplemental Guarantor Financial Information (condensed Consolidating Balance Sheet) (details)
Supplemental Guarantor Financial Information (condensed Consolidating Statement Of Cash Flows) (details)
Supplemental Guarantor Financial Information (condensed Consolidating Statements Of Income) (details)
Supplemental Guarantor Financial Information (narrative) (details)
Ticker: LB
CIK: 701985
Form Type: 10-K Annual Report
Accession Number: 0000701985-12-000021
Submitted to the SEC: Fri Mar 23 2012 4:22:49 PM EST
Accepted by the SEC: Fri Mar 23 2012
Period: Saturday, January 28, 2012
Industry: Retail Womens Clothing Stores

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