Annual Income Falls 3% at Limited Brands
Cataloger/retailer Limited Brands, which mails the Victoria’s Secret and Bath and Body Works titles, reported a 3% drop in annual net income and a less than 1% rise in sales. For the fiscal year ended Feb. 1, the company posted net income of $510.7 million on sales of $8.44 billion. For fiscal 2001, Limited netted $518.9 million on $8.42 million in revenue.
The results for the cataloger/retailer included a $3.8 million loss from discontinued operations related to the November sale of the Lerner New York retail chain. And during the first quarter of fiscal 2002, Limited had recombined with Victoria’s Secret parent Intimate Brands, buying the remaining shares it did not already own. Excluding these items, its annual earnings actually jumped 28%, to $528.2 million from $411.9 million the previous year.
Fourth-quarter profit rose 8%, to $352.9 million from $326.5 million the previous year. Fourth-quarter net sales rose 5%, to $2.97 billion from $2.84 billion. Limited’s retail chains include Express and Structure.
Healthy Lifestyles Pay Off for Gaiam Manufacturer/marketer Gaiam (Nasdaq: GAIAI), which specializes in products for healthy lifestyles, enjoyed a healthy 2002. The parent company of the SelfCare, Real Goods, Harmony, and Living Arts catalogs posted a 13% increase in annual sales and a 54% jump in net income.
For the year ended Dec. 31, Broomfield, CO-based Gaiam netted $6.3 million on sales of $111.4 million. In 2001, net income was $4.1 million on $98.7 million in sales. Proprietary product accounted for more than 60% of its sales, up from 53% the previous year. In addition to selling through its catalogs and Website, Gaiam sells merchandise to Borders, Target, and Bed Bath & Beyond, among other retailers.