Limited Brands
This article was originally published in The Rose Sheet
Executive Summary
After adjusting for lease accounting methods, fourth quarter results are less than previously reported, firm announces in final Q4 and year-end results April 11. As a result of a review, the company has taken a one-time pretax charge of $61 mil. to correct its accounting for "straight-line rent and the depreciation and amortization of leasehold improvements and certain landlord allowances," company notes. As a result, fourth quarter net earnings fell 1.3% to $382.5 mil. and net earnings for the year declined 1.6% to $705.4 mil. In February, the firm reported preliminary results with net earnings in Q4 up 7% to $415.8 mil. and 2004 net income growing 3.1% to $738.7 mil. (1"The Rose Sheet" Feb. 28, 2005, p. 7). Sales and other related items are not impacted by the adjustment, company notes...