I hope you're right- but I've never seen anything like this...
Limited profit tumbles 96% as sales unravel
By Andria Cheng, MarketWatch
EST Feb. 26, 2009
NEW YORK (MarketWatch) -- Limited Brands Inc., owner of Victoria's Secret and Bath & Body Works, said Thursday that fourth-quarter profit tumbled 96%, hurt by increased discounts in the face of the recession.
The company also gave first-quarter and annual forecasts that missed Wall Street expectations, sending shares lower.
Like other retailers, Limited brands inc said it's controlling inventory and expenses conservatively. It said it's reducing its home office headcount by about 400 employees and is suspending pay increases for salaried employees. Capital spending this year also is forecast to decline by more than half.
Limited profit tumbles 96% as sales unravel
By Andria Cheng, MarketWatch
EST Feb. 26, 2009
NEW YORK (MarketWatch) -- Limited Brands Inc., owner of Victoria's Secret and Bath & Body Works, said Thursday that fourth-quarter profit tumbled 96%, hurt by increased discounts in the face of the recession.
The company also gave first-quarter and annual forecasts that missed Wall Street expectations, sending shares lower.
Like other retailers, Limited brands inc said it's controlling inventory and expenses conservatively. It said it's reducing its home office headcount by about 400 employees and is suspending pay increases for salaried employees. Capital spending this year also is forecast to decline by more than half.
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