On the same day that Columbus-based Limited Brands reported net income for the fourth quarter
and all of 2007 fell significantly, the company announced it would lay off 400 employees.
Of the 400 workers, about 230 of them are employed in Columbus, according to a Limited Brands
The remainder of the layoffs were expected to occur companywide.
The company reported a comparable store sales decrease of 10 percent for the fourth quarter that
ended on Jan. 31. Net sales were $2.991 billion, compared to net sales of $3.228 billion last
year, according to the company.
"We continue to manage our capital structure and credit facilities in a proactive and
conservative manner," said Stuart Burgdoerfer, the company's chief financial officer. "We
ended 2008 with $1.2 billion in cash and significant cushion in both of our financial covenants. As
we looked at 2009, we thought it was important to amend the terms of our borrowing facilities to
ensure flexibility in the event of continued deterioration in the economic environment."
The company's reported 2008 full-year earnings per share were $0.65 compared to $1.89 last year;
operating income was $588.9 million compared to $1.110 billion last year; and net income was $220.1
million compared to $718.0 million last year.
"In the current environment, we are managing all aspects of the business, including inventory,
expenses, capital expenditures, cash and liquidity, very conservatively," said Limited Brands
Chairman and chief executive officer Leslie Wexner. "We are also working to maximize sales by
offering compelling merchandise, marketing and store experiences to our customers."
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