3Q net income plunges at Limited Brands
Columbus, OH-based Limited Brands (NYSE: LTD), the parent company of women’s apparel cataloger/retailer Victoria’s Secret, took a big hit to the bottom line during the third quarter. For the three months ended Nov. 2, net income was $15.8 million, down from $90.2 million for the third quarter of last year. Results reflect the March 2002 recombination of Intimate Brands, of which Limited had owned a majority, and The Limited.
Net sales totaled $1.98 billion, up from nearly $1.91 billion last year. Comparable store sales increased 3%. In addition to Victoria’s Secret, Limited Brands owns retailers Bath & Body Works, Express, Express Men’s (Structure), Lerner New York, White Barn Candle Co., and Henri Bendel.
Sharper Image sales up sharply Led by a 46% increase in catalog sales, high-tech gadgets marketer Sharper Image (Nasdaq: SHRP) posted double-digit third-quarter sales gains in all its selling channels.
Catalog sales for the three months ended Oct. 31 were $33.3 million, up from $22.8 million for the third quarter of last year. Internet sales, including auction sales, increased 32%, to $12.8 million from $9.7 million. Total store sales increased 37%, to $57.2 million from $41.8 million; comparable store sales increased 24%. Total revenue increased 38% to $106.1 million from $77.0 million last year.
All that sales growth was enough to put Sharper Image in the black for the quarter, however. The San Francisco-based cataloger/retailer posted a third-quarter net loss of $500,000. Then again, that was a significant improvement over last year’s $3.8 million third-quarter loss.
Restoration Hardware narrows loss Home furnishings cataloger/retailer Restoration Hardware (Nasdaq: RSTO) significantly whittled its net loss to $2.4 million for the third quarter ended Nov. 2. For the third quarter of 2001, the Corte Madera, CA-based company had posted an $8.7 million loss. Third-quarter net sales increased 20%, to $90.7 million from $75.5 million last year. Catalog and Internet sales soared 66%, to $10.9 million. Comparable store sales increased 15%. The company is forecasting net sales for the fourth quarter to increase 12%-14% over last year.
Casual Male posts loss Apparel cataloger/retailer Casual Male Retail Group (Nasdaq: CMRG), which mails the Casual Male Big & Tall catalog, reported a net loss of $400,000 for the three months ended Nov. 2. That’s a turnaround from a profit of $500,000 for the comparable quarter of last year. Sales increased to $74.7 million from $74.0 million a year earlier.