The Limited, long considered a star by...
The Limited, long considered a star by Wall Street investors, said cold weather, the economy and the process of changing the merchandise mix of its Lerner New York division hurt sales and profits.
Colder than normal weather hurt clothing sellers generally because consumers did not buy spring wardrobes. Dillard escaped this because its stores are mainly in the South.
The Limited said earnings were $51.5 million, compared to $50.9 million. Per share earnings were flat at 14 cents, while revenue edged up to $1.4 billion from $1.3 billion a year ago.
Profit included a pretax gain of $9 million from an initial public offering of United Retail Group, in which Limited has a 20% interest.
The company’s stock was punished on Wall Street, ending down $2.75 at $21.75 a share.
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