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<PAGE>
___________________________________________________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------
CURRENT REPORT
FORM 8-K
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
February 22, 2000
Date of Report (Date of earliest event reported)
THE LIMITED, INC.
(Exact name of registrant as specified in its charter)
-------------
Delaware 1-8344 31-1029810
(State or other (Commission (IRS Employer
jurisdiction File no.) Identification No.)
of incorporation)
Three Limited Parkway
P.O. Box 1600
Columbus, OH 43230
(614) 479-7000
(Address of principal executive offices)
___________________________________________________
<PAGE>
Item 5. Other Events.
On February 22, 2000, The Limited, Inc. (the "Company") issued the
press release attached hereto as Exhibit 99.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
The Index to Exhibits at page E-1 is incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE LIMITED, INC.
/s/ V. Ann Hailey
---------------------
V. Ann Hailey
Executive Vice President and
Chief Financial Officer
Dated: February 22, 2000
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description
- ------ -----------
99. Press Release issued by The Limited, Inc. on February 22, 2000
99.1 Consolidated Statements of Income (Unaudited)
99.2 Consolidated Condensed Balance Sheets
99.3 Stores and Square Footage
99.4 Selling Square Footage
99.5 Quarterly Financial Data
99.6 Fourth Quarter 1999 Selected Data
E-1
<PAGE>
Exhibit 99
THE LIMITED, INC. REPORTS 1999 EARNINGS INCREASE OF 43%;
SIGNIFICANTLY EXCEEDING WALL STREET EXPECTATIONS
-AUTHORIZES $200 MILLION SHARE REPURCHASE PROGRAM-
Columbus, Ohio (February 22, 2000) -- The Limited, Inc. (NYSE/LSE: LTD)
announced today that fourth quarter and full year 1999 earnings improved
significantly over the prior period. This improvement was driven by the improved
performance of the Company's apparel brands, which consist of Express, Lerner
New York, Lane Bryant, Limited Stores and Structure, as well as by the
previously reported strength of Intimate Brands, Inc. (NYSE: IBI).
Full Year Results
- -----------------
On an adjusted basis, which excludes special items and reflects the August 1999
spin-off of Too, Inc. (TOO) and the May 1998 split-off of Abercrombie & Fitch
Co. (ANF) as if they had occurred at the beginning of 1998, diluted earnings per
share for the fifty-two weeks ended January 29, 2000 were $1.93, compared to
$1.35 last year, an increase of 43%. These results significantly exceed the
current Wall Street consensus estimate. The improved performance in 1999 is
largely the result of a $176.9 million increase in operating income from the
Company's apparel brands.
Chairman and Chief Executive Officer Leslie H. Wexner commented, "We're pleased
that our brand building efforts resulted in improved performance at each of our
apparel brands for the year. This traction gained in 1999 fuels our optimism for
continued earnings improvement at our apparel brands in the future."
Adjusted 1999 sales were $9.500 billion compared to $8.814 billion last year,
and comparable store sales increased 9%. Adjusted operating income increased 38%
to $890.2 million from $643.5 million last year, and adjusted net income
increased 40% to $445.5 million from $318.0 million in 1998.
Fourth Quarter Results
- ----------------------
Adjusted diluted earnings per share for the thirteen weeks ended January 29,
2000 were $1.31 compared to $0.92 last year, an increase of 42%. Adjusted fourth
quarter 1999 sales were $3.287 billion compared to $3.133 billion last year, and
comparable store sales increased 5%. Adjusted operating income increased 35% to
$572.3 million from $423.5 million last year, and adjusted net income increased
37% to $294.9 million from $215.8 million last year.
Please refer to the attached fourth quarter and full year income statements for
results which include special items and the results of TOO and ANF through the
dates of their separation from the Company.
Authorization of Share Repurchase Program
- -----------------------------------------
The Company also announced today that its Board of Directors has authorized a
$200 million share repurchase program. The Company said it may repurchase shares
from time to time in the open market or through privately negotiated
transactions, depending on prevailing market conditions, alternative uses of
capital and other factors. The Company has repurchased more than 147 million
shares of its common stock since 1996.
<PAGE>
"Our decision to authorize a share repurchase program demonstrates our
confidence in the strength of The Limited, Inc. and our future, and our
commitment to creating sustained growth in shareholder value," stated Mr.
Wexner.
Change in Accounting
- ---------------------
On February 16, 2000, the Company announced a change in accounting for gift
certificates, store credits and layaway sales. The Company, which was not
contacted by the Securities and Exchange Commission (SEC), chose to address this
matter after the issuance of SEC Staff Accounting Bulleting No. 101, Revenue
Recognition in Financial Statements. The financial results above include the
impact of this accounting change, which reduced fiscal 1999 earnings by $.04 per
share and fiscal 1998 earnings by $.03 per share, and had no impact on reported
cash flows, net sales or comparable store sales. For further information on this
matter, including restated financial statements, please refer to the Current
Report on Form 8-K filed by the Company with the SEC on February 17, 2000.
The Limited, Inc., through Express, Lerner New York, Lane Bryant, Limited
Stores, Structure and Henri Bendel, presently operates 2,913 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 through the Victoria's Secret, Bath & Body Works and White Barn Candle
Co. brands.
To hear the Company's live fourth quarter earnings conference call, log on to
www.limited.com at 8:00 a.m. EST on Tuesday, February 22, 2000. To hear a
- ---------------
replay of the earnings call, dial 1-800-696-1585, followed by the ID code
189295, or log onto www.limited.com for an audio replay.
---------------
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: All forward-looking statements made by the Company 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; those described in the Company's filings with the Securities and
Exchange Commission. 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: Tom Katzenmeyer
Vice President
Investor Relations
The Limited, Inc.
614-415-7076
www.limited.com
---------------
<PAGE>
EXHIBIT 99.1
THE LIMITED, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Thirteen Weeks Ended January 29, 2000 and January 30, 1999
(In thousands except per share data)
The following adjusted results reflect the A&F split-off and Limited Too
spin-off as if they had occurred at the beginning of 1998, and exclude special
items.
<TABLE>
<CAPTION>
================================================================
Actual Actual
1999 % of Sales 1998 % of Sales
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net Sales $3,286,610 100.0% $3,132,651 100.0%
---------- ---------- ---------- ----------
Gross Income 1,306,213 39.7% 1,124,403 35.9%
General, Administrative and Store Operating Expenses (733,874) (22.3%) (700,950) (22.4%)
---------- ---------- ---------- ----------
Operating Income 572,339 17.4% 423,453 13.5%
Interest Expense (20,936) (0.6%) (19,299) (0.6%)
Other Income, Net 13,542 0.4% 14,956 0.5%
Minority Interest (44,057) (1.3%) (35,715) (1.1%)
---------- ---------- ---------- ----------
Income Before Income Taxes 520,888 15.8% 383,395 12.2%
Income Taxes 226,000 6.9% 167,600 5.4%
Effective Rate 43.4% 43.7%
---------- ---------- ---------- ----------
Net Income $ 294,888 9.0% $ 215,795 6.9%
========== ========== ========== ==========
Adjusted Earnings Per Diluted Share Excluding Special Items $ 1.31 $ 0.92
========== ==========
Weighted Average Diluted Shares Outstanding 222,471 231,783
================================================================
</TABLE>
The following are the reported results.
<TABLE>
<CAPTION>
Actual Actual
1999 % of Sales 1998 % of Sales
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net Sales $3,286,610 100.0% $3,255,871 100.0%
---------- ---------- ---------- ----------
Gross Income 1,306,213 39.7% 1,170,843 36.0%
General, Administrative and Store Operating Expenses (733,874) (22.3%) (726,611) (22.3%)
Special & Nonrecurring Items, Net 36,576 1.1% - 0.0%
---------- ---------- ---------- ----------
Operating Income 608,915 18.5% 444,232 13.6%
Interest Expense (20,936) (0.6%) (19,299) (0.6%)
Other Income, Net 13,542 0.4% 14,956 0.5%
Minority Interest (44,057) (1.3%) (35,715) (1.1%)
---------- ---------- ---------- ----------
Income Before Income Taxes 557,464 17.0% 404,174 12.4%
Income Taxes 241,000 7.3% 176,000 5.4%
Effective Rate 43.2% 43.5%
---------- ---------- ---------- ----------
Net Income $ 316,464 9.6% $ 228,174 7.0%
========== ========== ========== ==========
Earnings Per Diluted Share - Reported $ 1.41 $ 0.97
========== ==========
Weighted Average Diluted Shares Outstanding 222,471 231,783
========== ==========
</TABLE>
See attached Note to Consolidated Statements of Income.
<PAGE>
THE LIMITED, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Fifty-two Weeks Ended January 29, 2000 and January 30, 1999
(In thousands except per share data)
The following adjusted results reflect the A&F split-off and Limited Too
spin-off as if they had occurred at the beginning of 1998, and exclude special
items.
<TABLE>
<CAPTION>
=================================================================
Actual Actual
1999 % of Sales 1998 % of Sales
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Net Sales $ 9,499,957 100.0% $ 8,813,633 100.0%
----------- ---------- ----------- ----------
Gross Income 3,282,492 34.6% 2,789,104 31.6%
General, Administrative and Store Operating Expenses (2,392,324) (25.2%) (2,145,646) (24.3%)
----------- ---------- ----------- ----------
Operating Income 890,168 9.4% 643,458 7.3%
Interest Expense (78,297) (0.8%) (68,528) (0.8%)
Other Income, Net 51,037 0.5% 59,265 0.7%
Minority Interest (72,623) (0.8%) (62,436) (0.7%)
----------- ---------- ----------- ----------
Income Before Income Taxes 790,285 8.3% 571,759 6.5%
Income Taxes 344,800 3.6% 253,800 2.9%
Effective Rate 43.6% 44.4%
----------- ---------- ----------- ----------
Net Income $ 445,485 4.7% $ 317,959 3.6%
=========== ========== =========== ==========
Adjusted Earnings Per Diluted Share Excluding Special Items $ 1.93 $ 1.35
=========== ===========
Weighted Average Diluted Shares Outstanding 227,782 232,481
=================================================================
</TABLE>
The following are the reported results.
<TABLE>
<CAPTION>
=================================================================
Actual Actual
1999 % of Sales 1998 % of Sales
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Net Sales $ 9,723,334 100.0% $ 9,346,911 100.0%
----------- ---------- ----------- ----------
Gross Income 3,357,477 34.5% 2,971,260 31.8%
General, Administrative and Store Operating Expenses (2,460,338) (25.3%) (2,286,917) (24.5%)
Special and Nonrecurring Items 23,501 0.2% 1,740,030 18.6%
----------- ---------- ----------- ----------
Operating Income 920,640 9.5% 2,424,373 25.9%
Interest Expense (78,297) (0.8%) (68,528) (0.7%)
Other Income, Net 51,037 0.5% 59,265 0.6%
Minority Interest (72,623) (0.7%) (63,616) (0.7%)
Gain on Sale of Subsidiary Stock 11,002 0.1% - -
----------- ---------- ----------- ----------
Income Before Income Taxes 831,759 8.6% 2,351,494 25.2%
Income Taxes 371,000 3.8% 305,000 3.3%
Effective Rate 44.6% 13.0%
----------- ---------- ----------- ----------
Net Income $ 460,759 4.7% $ 2,046,494 21.9%
=========== ========== =========== ==========
Earnings Per Diluted Share - Reported $ 2.00 $ 8.29
=========== ===========
Weighted Average Diluted Shares Outstanding 227,782 246,319
=========== ===========
</TABLE>
See attached Note to Consolidated Statements of Income.
<PAGE>
THE LIMITED INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED STATEMENTS OF INCOME
SPECIAL ITEMS
As part of the Company's ongoing strategy to enhance shareholder value, the
Company recorded the following special items in 1999 and 1998. These items, net
of any tax and minority interest impacts, are excluded from the "Adjusted
Results" provided in the Consolidated Statements of Income attached.
1999
. In the fourth quarter of 1999, the Company reversed a previous year $36.6
million special and nonrecurring charge associated with downsizing the
remaining Henri Bendel store. The reversal was precipitated by the
Company's inability to complete its restructuring plan in regards to this
one store. The accounting for the reversal followed recently issued SEC
Staff Accounting Bulletin No. 100, "Restructurings and Impairment Charges."
The charge and reversal had no affect on cash flows in any period.
. In the third quarter of 1999, the Company recognized an $11.0 million gain
from the sale of a 60% interest in Galyan's Trading Co., offset by a $6.0
million provision for taxes on the gain. In addition, the new tax basis of
the Company's continuing Galyan's investment resulted in an additional $7
million tax liability.
. In the second quarter of 1999, the Company recognized a $13.1 million
special and nonrecurring charge for transaction costs related to the
Limited Too spin-off.
1998
. In the second quarter of 1998, the Company recognized a $1.651 billion gain
on the split-off of Abercrombie & Fitch ("A&F").
. In the first quarter of 1998, the Company recognized a $93.7 million gain
relating to the sale of the Company's remaining interest in Brylane, Inc.
and a $5.1 million charge for associate termination costs at Henri Bendel.
Additionally, Limited Too and A&F results (net of minority interest) are
excluded from all periods presented and total weighted average shares
outstanding are reduced as of the beginning of 1998 by the 47.1 million Limited
shares tendered in the A&F split-off transaction.
<PAGE>
EXHIBIT 99.2
THE LIMITED, INC. and SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
<TABLE>
<CAPTION>
January 29, 2000 January 30, 1999
---------------- ----------------
(Unaudited)
<S> <C> <C>
ASSETS
Current Assets
Cash and Equivalents $ 817,268 $ 870,317
Accounts Receivable 108,794 77,715
Inventories 1,050,913 1,119,670
Other 269,302 239,177
---------- ----------
Total Current Assets 2,246,277 2,306,879
Property and Equipment, Net 1,229,612 1,361,761
Restricted Cash - 351,600
Deferred Income Taxes 125,145 48,782
Other Assets 486,655 480,686
---------- ----------
TOTAL ASSETS $4,087,689 $4,549,708
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable $256,306 $289,947
Current Portion of Long-Term Debt 250,000 100,000
Accrued Expenses 703,930 801,415
Income Taxes 152,458 128,273
---------- ----------
Total Current Liabilities 1,362,694 1,319,635
Long-Term Debt 400,000 550,000
Other Long-Term Liabilities 58,910 56,010
Minority Interest 119,008 105,504
Contingent Stock Redemption Agreement - 351,600
Shareholders' Equity 2,147,077 2,166,959
---------- ----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $4,087,689 $4,549,708
========== ==========
</TABLE>
<PAGE>
Exhibit 99.3
THE LIMITED, INC.and SUBSIDIARIES
STORES AND SQUARE FOOTAGE
At January 29, 2000 and January 30, 1999
<TABLE>
<CAPTION>
January 29, 2000 January 30, 1999
----------------------------- -----------------------------
Stores SQ. FT. (000's) Stores SQ. FT. (000's)
------ -------------- ------ --------------
<S> <C> <C> <C> <C>
Victoria's Secret 896 3,966 829 3,702
Bath & Body Works 1,214 2,486 1,061 2,092
Express 688 4,429 702 4,511
Lerner New York 594 4,592 643 5,000
Lane Bryant 688 3,343 730 3,517
Limited Stores 443 2,749 551 3,371
Henri Bendel 1 35 1 35
Structure 499 1,978 532 2,118
Limited Too - - 319 1,006
Galyan's - - 14 964
----------------------------- -----------------------------
Total 5,023 23,578 5,382 26,316
============================= =============================
</TABLE>
<PAGE>
EXHIBIT 99.4
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
THE LIMITED, INC.
SELLING SQUARE FOOTAGE (END OF YEAR)
1998 - 2000
- ------------------------------------------------------------------------------------------------------------------
ACTUAL 1998 ACTUAL 1999 PROJ 2000
-----------------------------------------------------------------------
STORES % CHG STORES % CHG STORES % CHG
DIVISION & SQFT TO LY & SQFT TO LY & SQFT TO LY
- ------------------------------------------------------------------------------------------------------------------
INTIMATE BRANDS
- ------------------------------
<S> <C> <C> <C> <C> <C> <C>
VICTORIA'S SECRET
NO. OF STORES 829 5% 896 8% 976 9%
TOTAL SSF 3,702,000 4% 3,966,000 7% 4,336,000 9%
AVERAGE SSF 4,466 -1% 4,426 -1% 4,443 0%
BATH & BODY
NO. OF STORES 1,061 15% 1,214 14% 1,396 15%
TOTAL SSF 2,092,000 18% 2,486,000 19% 3,008,000 21%
AVERAGE SSF 1,972 2% 2,048 4% 2,155 5%
TOTAL INTIMATE BRANDS
NO. OF STORES 1,890 11% 2,110 12% 2,372 12%
TOTAL SSF 5,794,000 9% 6,452,000 11% 7,344,000 14%
AVERAGE SSF 3,066 -2% 3,058 0% 3,096 1%
- ------------------------------------------------------------------------------------------------------------------
APPAREL
- ------------------------------
EXPRESS
NO. OF STORES 702 -7% 688 -2% 680 -1%
TOTAL SSF 4,511,000 -5% 4,429,000 -2% 4,377,000 -1%
AVERAGE SSF 6,426 2% 6,438 0% 6,437 0%
LERNER
NO. OF STORES 643 -14% 594 -8% 578 -3%
TOTAL SSF 5,000,000 -12% 4,592,000 -8% 4,392,000 -4%
AVERAGE SSF 7,776 2% 7,731 -1% 7,599 -2%
LANE BRYANT
NO. OF STORES 730 -6% 688 -6% 698 1%
TOTAL SSF 3,517,000 -6% 3,343,000 -5% 3,392,000 1%
AVERAGE SSF 4,818 0% 4,859 1% 4,860 0%
LIMITED STORES
NO. OF STORES 551 -12% 443 -20% 415 -6%
TOTAL SSF 3,371,000 -11% 2,749,000 -18% 2,546,000 -7%
AVERAGE SSF 6,118 2% 6,205 1% 6,135 -1%
STRUCTURE
NO. OF STORES 532 -2% 499 -6% 487 -2%
TOTAL SSF 2,118,000 -1% 1,978,000 -7% 1,936,000 -2%
AVERAGE SSF 3,981 1% 3,964 0% 3,975 0%
------------------------------------------------------------------------------------
TOTAL APPAREL
NO. OF STORES 3,158 -16% 2,912 -8% 2,858 -2%
TOTAL SSF 18,517,000 -12% 17,091,000 -8% 16,643,000 -3%
AVERAGE SSF 5,864 4% 5,869 0% 5,823 -1%
- ------------------------------------------------------------------------------------------------------------------
OTHER
- ------------------------------
HENRI BENDEL
NO. OF STORES 1 -83% 1 0% 1 0%
TOTAL SSF 35,000 -69% 35,000 0% 35,000 0%
AVERAGE SSF 35,000 86% 35,000 0% 35,000 0%
GALYAN'S
NO. OF STORES 14 27% 0 -100% 0 0%
TOTAL SSF 964,000 50% 0 -100% 0 0%
AVERAGE SSF 68,857 18% 0 -100% 0 0%
LIMITED TOO
NO. OF STORES 319 2% 0 -100% 0 0%
TOTAL SSF 1,006,000 3% 0 -100% 0 0%
AVERAGE SSF 3,154 1% 0 -100% 0 0%
------------------------------------------------------------------------------------
TOTAL OTHER
NO. OF STORES 334 93% 1 -100% 1 0%
TOTAL SSF 2,005,000 1% 35,000 -98% 35,000 0%
AVERAGE SSF 6,003 -48% 35,000 483% 35,000 0%
- ------------------------------------------------------------------------------------------------------------------
GRAND TOTAL
- ------------------------------
NO. OF STORES 5,382 -5% 5,023 -7% 5,231 4%
TOTAL SSF 26,316,000 -7% 23,578,000 -10% 24,022,000 2%
AVERAGE SSF 4,890 -3% 4,694 -4% 4,592 -2%
- ------------------------------------------------------------------------------------------------------------------
CHANGE TO LAST YEAR
- ------------------------------
NEW STORES 251 295 316
REMODELED STORES 125 270 262
CLOSED STORES (350) (301) (108)
-----------------------------------------------------------------------------------
NET ADDITION (99) (6) 208
DISPOSAL OF ASSETS (159) (353) 0
---------------- ---------- ----------
FINAL CHANGE TO STORE COUNT (258) (359) 208
TOTAL SSF (2,084,000) (2,738,000) 443,000
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
12
<PAGE>
THE LIMITED, INC.
2000 BEST ESTIMATE STORE AND SQUARE FOOTAGE CHANGES
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
STORE AND INCR SELLING [ ]'
SQUARE FOOTAGE -------------------------
CHANGES BY BUSINESS # STORES TOTAL AVG
- ----------------------------------------------------------------------------
<S> <C> <C> <C>
VICTORIA'S SECRET
NEW STORES 85 348,000 4,094
REMODELED STORES 36 40,000 1,111
CLOSED STORES (5) (18,000) 3,600
-------------------------------------
NET ADDITION 80 370,000
BATH & BODY
NEW STORES 190 467,000 2,458
REMODELED STORES 45 72,000 1,600
CLOSED STORES (8) (17,000) 2,125
-------------------------------------
NET ADDITION 182 522,000
TOTAL INTIMATE BRANDS
NEW STORES 275 815,000 2,964
REMODELED STORES 81 112,000 1,383
CLOSED STORES (13) (35,000) 2,692
-------------------------------------
NET ADDITION 262 892,000
- ----------------------------------------------------------------------------
EXPRESS
NEW STORES 10 78,600 7,860
REMODELED STORES 60 (11,681) 195
CLOSED STORES (18) (119,376) 6,632
-------------------------------------
NET ADDITION (8) (52,457)
LERNER
NEW STORES 5 32,390 6,478
REMODELED STORES 28 (83,000) 2,964
CLOSED STORES (21) (149,856) 7,136
-------------------------------------
NET ADDITION (16) (200,466)
LANE BRYANT
NEW STORES 25 137,900 5,516
REMODELED STORES 60 (15,021) 250
CLOSED STORES (15) (73,620) 4,908
-------------------------------------
NET ADDITION 10 49,259
LIMITED STORES
NEW STORES 0 0 0
REMODELED STORES 25 (16,000) 640
CLOSED STORES (28) (186,676) 6,667
-------------------------------------
NET ADDITION (28) (202,676)
STRUCTURE
NEW STORES 1 5,000 5,000
REMODELED STORES 8 (3,520) 440
CLOSED STORES (13) (43,680) 3,360
-------------------------------------
NET ADDITION (12) (42,200)
TOTAL APPAREL
NEW STORES 41 253,890 6,192
REMODELED STORES 181 (129,222) 714
CLOSED STORES (95) (573,208) 6,034
-------------------------------------
NET ADDITION (54) (448,540)
- ----------------------------------------------------------------------------
HENRI BENDEL
NEW STORES 0 0 0
REMODELED STORES 0 0 0
CLOSED STORES 0 0 0
-------------------------------------
NET ADDITION 0 0 0
-------------------------------------
TOTAL OTHER
NEW STORES 0 0 0
REMODELED STORES 0 0 0
CLOSED STORES 0 0 0
-------------------------------------
NET ADDITION 0 0
- ----------------------------------------------------------------------------
TOTAL
NEW STORES 316 1,068,890 3,383
REMODELED STORES 262 (17,222) 66
CLOSED STORES (108) (608,208) 5,632
-------------------------------------
NET ADDITION 208 443,460
- ----------------------------------------------------------------------------
</TABLE>
<PAGE>
EXHIBIT 99.5
THE LIMITED, INC.
QUARTERLY FINANCIAL INFORMATION
NOTE: ADJUSTED RESULTS EXCLUDE TOO AND ANF
<TABLE>
<CAPTION>
PERIOD 1998 1999
---- ----
<S> <C> <C> <C> <C>
1. Net Sales % Inc/(Dec) % Inc/(Dec)
1st Qtr 2,008,077 9.7% 2,104,798 4.8%
Adjusted 1st Qtr 1,791,590 6.7% 2,009,750 12.2%
2nd Qtr 2,083,101 3.1% 2,267,821 8.9%
Adjusted 2nd Qtr 1,986,250 6.6% 2,180,957 9.8%
3rd Qtr 1,999,862 -3.4% 2,064,105 3.2%
Adjusted 3rd Qtr 1,903,142 4.0% 2,022,640 6.3%
4th Qtr 3,255,871 -0.4% 3,286,610 0.9%
Adjusted 4th Qtr 3,132,651 6.5% 3,286,610 4.9%
Year 9,346,911 1.7% 9,723,334 4.0%
Adjusted Year 8,813,633 6.0% 9,499,957 7.8%
6 Mos 4,091,178 6.3% 4,372,619 6.9%
Adjusted 6 Mos 3,777,840 6.7% 4,190,707 10.9%
9 Mos 6,091,040 2.9% 6,436,724 5.7%
Adjusted 9 Mos 5,680,982 5.8% 6,213,347 9.4%
2. Net Sales- Apparel % Inc/(Dec) % Inc/(Dec)
1st Qtr 973,044 4.6% 1,063,228 9.3%
2nd Qtr 1,057,520 6.6% 1,077,704 1.9%
3rd Qtr 1,135,581 4.0% 1,170,214 3.0%
4th Qtr 1,501,884 2.1% 1,474,182 -1.8%
Year 4,668,029 4.1% 4,785,528 2.5%
6 Mos 2,030,564 5.6% 2,140,932 5.4%
9 Mos 3,166,145 5.1% 3,311,146 4.6%
3. Cost of Goods Sold, Occupancy and Buying Costs (% of Sales) (% of Sales)
1st Qtr 1,426,422 71.0% 1,451,430 69.0%
Adjusted 1st Qtr 1,284,034 71.7% 1,388,106 69.1%
2nd Qtr 1,473,517 70.7% 1,540,174 67.9%
Adjusted 2nd Qtr 1,408,413 70.9% 1,481,916 67.9%
3rd Qtr 1,390,684 69.5% 1,393,856 67.5%
Adjusted 3rd Qtr 1,323,834 69.6% 1,367,046 67.6%
4th Qtr 2,085,028 64.0% 1,980,397 60.3%
Adjusted 4th Qtr 2,008,248 64.1% 1,980,397 60.3%
Year 6,375,651 68.2% 6,365,857 65.5%
Adjusted Year 6,024,529 68.4% 6,217,465 65.4%
6 Mos 2,899,939 70.9% 2,991,604 68.4%
Adjusted 6 Mos 2,692,447 71.3% 2,870,022 68.5%
9 Mos 4,290,623 70.4% 4,385,460 68.1%
Adjusted 9 Mos 4,016,281 70.7% 4,237,068 68.2%
4. Gross Income (% of Sales) (% of Sales)
1st Qtr 581,655 29.0% 653,368 31.0%
Adjusted 1st Qtr 507,556 28.3% 621,644 30.9%
2nd Qtr 609,584 29.3% 727,647 32.1%
Adjusted 2nd Qtr 577,837 29.1% 699,041 32.1%
3rd Qtr 609,178 30.5% 670,249 32.5%
Adjusted 3rd Qtr 579,308 30.4% 655,594 32.4%
4th Qtr 1,170,843 36.0% 1,306,213 39.7%
Adjusted 4th Qtr 1,124,403 35.9% 1,306,213 39.7%
Year 2,971,260 31.8% 3,357,477 34.5%
Adjusted Year 2,789,104 31.6% 3,282,492 34.6%
6 Mos 1,191,239 29.1% 1,381,015 31.6%
Adjusted 6 Mos 1,085,393 28.7% 1,320,685 31.5%
9 Mos 1,800,417 29.6% 2,051,264 31.9%
Adjusted 9 Mos 1,664,701 29.3% 1,976,279 31.8%
5. General Administrative & Store Operating Expenses (% 0f Sales) (% of Sales)
1st Qtr 507,208 25.3% 563,038 26.8%
Adjusted 1st Qtr 443,737 24.8% 532,626 26.5%
2nd Qtr 526,106 25.3% 587,371 25.9%
Adjusted 2nd Qtr 496,789 25.0% 560,469 25.7%
3rd Qtr 526,992 26.4% 576,055 27.9%
Adjusted 3rd Qtr 504,170 26.5% 565,355 28.0%
4th Qtr 726,611 22.3% 733,874 22.3%
Adjusted 4th Qtr 700,950 22.4% 733,874 22.3%
</TABLE>
<PAGE>
THE LIMITED, INC.
QUARTERLY FINANCIAL INFORMATION
NOTE: ADJUSTED RESULTS EXCLUDE TOO AND ANF
<TABLE>
<CAPTION>
PERIOD 1998 1999
---- ----
<S> <C> <C> <C> <C>
Year 2,286,917 24.5% 2,460,338 25.3%
Adjusted Year 2,145,646 24.3% 2,392,324 25.2%
6 Mos 1,033,314 25.3% 1,150,409 26.3%
Adjusted 6 Mos 940,526 24.9% 1,093,095 26.1%
9 Mos 1,560,306 25.6% 1,726,464 26.8%
Adjusted 9 Mos 1,444,696 25.4% 1,658,450 26.7%
6. Operating Income - Consolidated (% of Sales) (% of Sales)
1st Qtr 163,080 8.1% 90,330 4.3%
1st Qtr Excluding special and nonrecurring items 74,447 3.7% 90,330 4.3%
Adjusted 1st Qtr Excluding special and nonrecurring items 63,819 3.6% 89,018 4.4%
2nd Qtr 1,734,875 83.3% 127,201 5.6%
Adjusted 2nd Qtr Excluding special and nonrecurring item 81,048 4.1% 138,572 6.4%
3rd Qtr 82,186 4.1% 94,194 4.6%
3rd Qtr Excluding special and nonrecurring items 82,186 4.1% 94,194 4.6%
Adjusted 3rd Qtr Excluding special and nonrecurring items 75,138 3.9% 90,239 4.5%
4th Qtr 444,232 13.6% 608,915 18.5%
4th Qtr Excluding special and nonrecurring items 444,232 13.6% 572,339 17.4%
Adjusted 4th Qtr Excluding special and nonrecurring items 423,453 13.5% 572,339 17.4%
Year 2,424,373 25.9% 920,640 9.5%
Year Excluding special and nonrecurring items 684,343 7.3% 897,139 9.2%
Adjusted Year Excluding special and nonrecurring items 643,458 7.3% 890,168 9.4%
6 Mos 1,897,955 46.4% 217,531 5.0%
Adjusted 6 Mos Excluding special and nonrecurring items 144,867 3.8% 227,590 5.4%
9 Mos 1,980,141 32.5% 311,725 4.8%
Adjusted 9 Mos Excluding special and nonrecurring items 220,005 3.9% 317,829 5.1%
7. Operating Income - Apparel (% of Apparel Sales) (% of Apparel Sales)
1st Qtr (19,854) -1.9% 1,298 0.1%
2nd Qtr (50,973) -4.4% (11,362) -1.1%
3rd Qtr (1,120) -0.1% 22,540 1.9%
4th Qtr 26,794 1.8% 119,252 8.1%
Year (45,153) -1.0% 131,728 2.8%
6 Mos (70,827) -3.2% (10,064) -0.5%
9 Mos (71,947) -2.1% 12,476 0.4%
8. Interest Expense (% of Sales) (% of Sales)
1st Qtr 15,741 0.8% 16,790 0.8%
2nd Qtr 16,414 0.8% 20,159 0.9%
3rd Qtr 17,074 0.9% 20,412 1.0%
4th Qtr 19,299 0.6% 20,936 1.0%
Year 68,528 0.7% 78,297 0.8%
6 Mos 32,155 0.8% 36,949 0.8%
9 Mos 49,229 0.8% 57,361 0.9%
</TABLE>
2
<PAGE>
THE LIMITED, INC.
QUARTERLY FINANCIAL INFORMATION
NOTE: ADJUSTED RESULTS EXCLUDE TOO AND ANF
<TABLE>
<CAPTION>
PERIOD 1998 1999
---- ----
<S> <C> <C> <C> <C>
9. Other Income, Net (% of Sales) (% of Sales)
1st Qtr 16,153 0.8% 15,331 0.7%
2nd Qtr 15,595 0.7% 12,509 0.6%
3rd Qtr 12,561 0.6% 9,655 0.5%
4th Qtr 14,956 0.5% 13,542 0.4%
Year 59,265 0.6% 51,037 0.5%
6 Mos 31,748 0.8% 27,840 0.6%
9 Mos 44,309 0.7% 37,495 0.6%
10. Minority Interest (% of Sales) (% of Sales)
1st Qtr 8,833 0.4% 8,420 0.4%
Adjusted 1st Qtr 7,836 0.4% 8,420 0.4%
2nd Qtr 12,988 0.6% 14,069 0.6%
Adjusted 2nd Qtr 12,805 0.6% 14,069 0.6%
3rd Qtr 6,080 0.3% 6,077 0.3%
4th Qtr 35,715 1.1% 44,057 1.3%
Year 63,616 0.7% 72,623 0.7%
Adjusted Year 62,436 0.7% 72,623 0.8%
6 Mos 21,821 0.5% 22,489 0.5%
Adjusted 6 Mos 20,641 0.5% 22,489 0.5%
9 Mos 27,901 0.5% 28,566 0.4%
Adjusted 9 Mos 26,721 0.5% 28,566 0.5%
11. Income Before Income Taxes (% of Sales) (% of Sales)
1st Qtr 154,659 7.7% 80,451 3.8%
1st Qtr excluding special and nonrecurring items 66,026 3.3% 80,451 3.8%
Adjusted 1st Qtr excluding special and nonrecurring items 56,395 3.1% 79,139 3.9%
2nd Qtr 1,721,068 82.6% 105,482 4.7%
2nd Qtr excluding special and nonrecurring items 69,671 3.3% 118,557 5.2%
Adjusted 2nd Qtr excluding special and nonrecurring items 67,424 3.4% 116,853 5.4%
3rd Qtr 71,593 3.6% 88,362 4.3%
3rd Qtr excluding special items 71,593 3.6% 77,360 3.7%
Adjusted 3rd Qtr excluding special items 64,545 3.4% 73,405 3.6%
4th Qtr 404,174 12.4% 557,464 17.0%
4th Qtr excluding special and nonrecurring items 404,174 12.4% 520,888 15.8%
Adjusted 4th Qtr excluding special and nonrecurring items 383,395 12.2% 520,888 15.8%
Year 2,351,494 25.2% 831,759 8.6%
Year excluding special items 611,464 6.5% 797,256 8.2%
Adjusted Year excluding special items 571,759 6.5% 790,285 8.3%
6 Mos 1,875,727 45.8% 185,933 4.3%
6 Mos excluding special and nonrecurring items 135,697 3.3% 199,008 4.6%
Adjusted 6 Mos excluding special and nonrecurring items 123,819 3.3% 195,992 4.7%
9 Mos 1,947,320 32.0% 274,295 4.3%
9 Mos excluding special items 207,290 3.4% 276,368 4.3%
Adjusted 9 Mos excluding special items 188,364 3.3% 269,397 4.3%
12. Provision for Income Taxes (Tax Rate) (Tax Rate)
1st Qtr 65,000 42.0% 35,000 43.5%
2nd Qtr 33,000 1.9% 48,000 45.5%
3rd Qtr 31,000 43.3% 47,000 53.2%
4th Qtr 176,000 43.5% 241,000 43.2%
Year 305,000 13.0% 371,000 44.6%
6 Mos 98,000 5.2% 83,000 44.6%
9 Mos 129,000 6.6% 130,000 47.4%
</TABLE>
3
<PAGE>
THE LIMITED, INC.
QUARTERLY FINANCIAL INFORMATION
NOTE: ADJUSTED RESULTS EXCLUDE TOO AND ANF
<TABLE>
<CAPTION>
PERIOD 1998 1999
---- ----
<S> <C> <C> <C> <C>
13. Net Income (% of Sales) (% of Sales)
1st Qtr 89,659 4.5% 45,451 2.2%
1st Qtr excluding special and nonrecurring items 36,026 1.8% 45,451 2.2%
Adjusted 1st Qtr excluding special and nonrecurring items 30,495 1.7% 44,639 2.2%
2nd Qtr 1,688,068 81.0% 57,482 2.5%
2nd Qtr excluding special and nonrecurring items 36,671 1.8% 65,557 2.9%
Adjusted 2nd Qtr excluding special and nonrecurring items 35,324 1.8% 64,553 3.0%
3rd Qtr 40,593 2.0% 41,362 2.0%
3rd Qtr excluding special items 40,593 2.0% 43,360 2.1%
Adjusted 3rd Qtr excluding special items 36,345 1.9% 41,405 2.0%
4th Qtr 228,174 7.0% 316,464 9.6%
4th Qtr excluding special and nonrecurring items 228,174 7.0% 294,888 9.0%
Adjusted 4th Qtr excluding special and nonrecurring items 215,795 6.9% 294,888 9.0%
Year 2,046,494 21.9% 460,759 4.7%
Year excluding special items 341,464 3.7% 449,256 4.6%
Adjusted Year excluding special items 317,959 3.6% 445,485 4.7%
6 Mos 1,777,727 43.5% 102,933 2.4%
6 Mos excluding gain on special and nonrecurring items 72,697 1.8% 111,008 2.5%
Adjusted 6 Mos excluding special and nonrecurring items 65,819 1.7% 109,192 2.6%
9 Mos 1,818,320 29.9% 144,295 2.2%
9 Mos excluding special items 113,290 1.9% 154,368 2.4%
Adjusted 9 Mos excluding special items 102,164 1.8% 150,597 2.4%
14. Net Income % Inc/(Dec) % Inc/(Dec)
1st Qtr 89,659 170.2% 45,451 -49.3%
1st Qtr excluding special and nonrecurring items 36,026 30.6% 45,451 26.2%
Adjusted 1st Qtr excluding special and nonrecurring items 30,495 16.8% 44,639 46.4%
2nd Qtr 1,688,068 5294.9% 57,482 -96.6%
2nd Qtr excluding special and nonrecurring items 36,671 17.2% 65,557 78.8%
Adjusted 2nd Qtr excluding special and noncurring items 35,324 23.1% 64,553 82.7%
3rd Qtr 40,593 -49.1% 41,362 1.9%
3rd Qtr excluding special items 40,593 43,360 6.8%
Adjusted 3rd Qtr excluding special items 36,345 24.7% 41,405 13.9%
4th Qtr 228,174 238.3% 316,464 38.7%
4th Qtr excluding special and nonrecurring items 228,174 294,888 29.2%
Adjusted 4th Qtr excluding special and nonrecurring items 215,795 11.4% 294,888 36.7%
Year 2,046,494 866.9% 460,759 -77.5%
Year Excluding special items 341,464 3.7% 449,256 31.6%
Adjusted Year excluding special items 317,959 14.6% 445,485 40.2%
6 Mos 1,777,727 2657.4% 102,933 -94.2%
6 Mos excluding special and nonrecurring items 72,697 23.5% 111,008 52.7%
Adjusted 6 Mos excluding special and nonrecurring items 65,819 20.1% 109,192 65.9%
9 Mos 1,818,320 1160.9% 144,295 -92.1%
9 Mos excluding special items 113,290 12.4% 154,368 36.3%
Adjusted 9 Mos excluding special items 102,164 21.8% 150,597 47.4%
</TABLE>
4
<PAGE>
THE LIMITED, INC.
QUARTERLY FINANCIAL INFORMATION
NOTE: ADJUSTED RESULTS EXCLUDE TOO AND ANF
<TABLE>
<CAPTION>
PERIOD 1998 1999
---- ----
<S> <C> <C> <C> <C>
15. Diluted Earnings Per Share % Inc/(Dec) % Inc/(Dec)
1st Qtr $0.32 166.7% $0.19 -40.6%
1st Qtr excluding special and nonrecurring items $0.13 26.0% $0.19 46.2%
Adjusted 1st Qtr excluding special and nonrecurring items $0.13 11.9% $0.19 46.2%
2nd Qtr $6.94 6209.1% $0.24 -96.5%
2nd Qtr excluding special and nonrecurring items $0.15 30.0% $0.28 86.7%
Adjusted 2nd Qtr excluding special and nonrecurring items $0.15 16.9% $0.27 80.0%
3rd Qtr $0.17 -41.4% $0.18 5.9%
3rd Qtr excluding special items $0.17 14.7% $0.19 11.8%
Adjusted 3rd Qtr excluding special items $0.15 22.6% $0.18 20.0%
4th Qtr $0.97 304.2% $1.41 45.4%
4th Qtr excluding special and nonrecurring items $0.97 14.9% $1.31 35.1%
Adjusted 4th Qtr excluding special and nonrecurring items $0.92 9.3% $1.31 42.4%
Year $8.29 976.6% $2.00 -75.9%
Year excluding special items $1.37 12.3% $1.95 42.3%
Adjusted Year excluding special items $1.35 10.9% $1.93 42.8%
6 Mos $6.80 2733.3% $0.43 -93.7%
6 Mos excluding special and nonrecurring items $0.28 27.6% $0.47 67.9%
Adjusted 6 Mos excluding special and nonrecurring items $0.28 14.8% $0.46 64.3%
9 Mos $7.24 1266.0% $0.62 -91.4%
9 Mos excluding special and nonrecurring items $0.45 21.7% $0.66 46.7%
Adjusted 9 Mos excluding special items $0.44 17.8% $0.65 47.7%
16. Weighted Average Diluted Shares Outstanding
1st Qtr 279,362 235,547
Adjusted 1st Qtr 232,287 235,547
2nd Qtr 243,079 230,226
Adjusted 2nd Qtr 234,802 230,226
3rd Qtr 231,052 222,884
Adjusted 3rd Qtr 231,052 222,884
4th Qtr 231,783 222,471
Adjusted 4th Qtr 231,783 222,471
Year 246,319 227,782
Adjusted Year 232,481 227,782
6 Mos 261,221 232,887
Adjusted 6 Mos 233,545 232,887
9 Mos 251,164 229,552
Adjusted 9 Mos 232,714 229,552
17. Weighted Average Shares Outstanding - No Dilution
1st Qtr 273,838 227,732
2nd Qtr 236,132 221,029
3rd Qtr 227,313 214,711
4th Qtr 226,347 214,855
</TABLE>
5
<PAGE>
THE LIMITED, INC.
QUARTERLY FINANCIAL INFORMATION
NOTE: ADJUSTED RESULTS EXCLUDE TOO AND ANF
<TABLE>
<CAPTION>
PERIOD 1998 1999
---- ----
<S> <C> <C> <C> <C>
18. Dividends per Share % Inc/(Dec) %Inc/(Dec)
1st Qtr 0.13 8.3% 0.15 15.4%
2nd Qtr 0.13 8.3% 0.15 15.4%
3rd Qtr 0.13 8.3% 0.15 15.4%
4th Qtr 0.13 8.3% 0.15 15.4%
Year 0.52 8.3% 0.60 15.4%
6 Mos 0.26 8.3% 0.30 15.4%
9 Mos 0.39 8.3% 0.45 15.4%
</TABLE>
6
<PAGE>
Exhibit 99.6
THE LIMITED INC. and SUBSIDIARIES
Fourth Quarter 1999 Selected Data
<TABLE>
<CAPTION>
1999 1998
-------------- --------------
<S> <C> <C>
Capital Expenditures (000)
First Quarter 95,260 58,213
Second Quarter 96,492 64,720
-------------- --------------
Spring Season 191,752 122,933
Third Quarter 97,241 163,387
Fourth Quarter 86,402 61,036
-------------- --------------
Year 375,395 347,356
Depreciation & Amortization (000)
First Quarter 75,441 74,722
Second Quarter 68,310 69,640
-------------- --------------
Spring Season 143,751 144,362
Third Quarter 64,597 69,784
Fourth Quarter 64,095 71,854
-------------- --------------
Year 272,443 286,000
Long-Term Debt to Equity Ratio 18.6% 25.4%
Interest Expense (000)
First Quarter 16,790 15,741
Second Quarter 20,159 16,414
-------------- --------------
Spring Season 36,949 32,155
Third Quarter 20,412 17,074
Fourth Quarter 20,936 19,299
-------------- --------------
Year 78,297 68,528
Other Income (000)
First Quarter 15,331 16,153
Second Quarter 12,509 15,595
-------------- --------------
Spring Season 27,840 31,748
Third Quarter 9,655 12,561
Fourth Quarter 13,542 14,956
-------------- --------------
Year 51,037 59,265
</TABLE>
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