Limited Plans Restructuring Amid Profit Drop

Limited Inc., the No. 2 U.S. apparel chain, reported a 17% drop in fourth-quarter profit and said it plans to restructure some units and sell its Lane Bryant plus-size apparel business. The Columbus, Ohio-based company said operating income fell to $487.4 million, or 55 cents a share, matching forecasts, as sales rose 6.6% to $3.52 billion from a year ago. Limited, which operates Limited, Express and Lerner New York clothing stores and owns an 84% stake in lingerie retailer Intimate Brands Inc., said it has plans to integrate its Structure men’s apparel unit into its Express brand, calling it Express Men’s. Limited said Ken Gilman has taken on the role as Lane Bryant’s chief executive, while Jill Dean will retain her role as president. Also, Len Schlesinger has been named chief operating officer of Limited Inc. Shares of Limited fell 28 cents to close at $17.65 on the New York Stock Exchange. The news was announced after the markets closed.