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#	AUTHOR DATE SUBJECT
25	member 10/21/04 9:19AM Last Update
Well, if you follow the story you'll know that LTD has announced another tender, this time for a rather astounding 2 billion dollars along with the intention of paying a $1.30 dividend once the tender... login to read the rest view available tags
24	member 8/24/04 10:18AM brief update
a lot like last time: LTD operated 3836 stores with 15,907 sqft at July 2004 which compares to 3972 stores and 16,025 sqft a year ago. Concepts include VSS (100), BBW (1586), Express Women (512),... login to read the rest view available tags
23	member 6/19/04 12:50PM brief update
my last summary evaluation LTD operated 3871 stores with 15,933 sqft at May 1st 2004. Concepts include VSS (1009), BBW (1590), Express Women (554), Express Men (269), Express Dual (111), Limited (340), and Henri Bendel... login to read the rest view available tags
22	member 4/18/04 1:52PM fwiw
from Oakmark's Q1 report; Limited Brands (LTD - $20) LTD is a specialty retailer with well-known brands including Victoria's Secret, Bath & Body Works, Express, and its namesake, Limited. LTD stock is down from a high of... login to read the rest view available tags
21	member 4/14/04 5:26PM update
I recently sold about 1/2 of my remaining position at $21. It isn't expensive here as noted in the previous reply, but LTD is no longer the bargain it was at $11 and change.... login to read the rest view available tags
20	member 3/06/04 11:08AM update
A brief update LTD reported adjusted $1.11 for the year, excluding items. The BS ended with 3.128b in cash, 110m in AR, abt 500m in 'other assets' and 2.386b other liabilities, not including off-balance sheet... login to read the rest view available tags
19	member 11/24/03 1:03PM Q3 Update
As of Q3 LTD operated 3971 stores under various concepts including Victoria’s Secret (1011), Bath and Body Works (1622), Express Women (582), Express Men (319), Express Dual Gender (90), Limited (346), and Henri Bendel (1).... login to read the rest view available tags
18	member 8/12/03 12:30AM Mgmt
I think this is a terrific idea. I don't think people give Les Wexner enough credit, especially over the long haul; he has demonstrated a great ability to either develop new brands from scratch (e.g.... login to read the rest view available tags
17	member 8/05/03 6:06PM Q1 update and June sales
June 2003 sales call Sales up 6.3% with comps up 5%; merch margins down driven by Express clearance; inventory up 2% per sqft; apparel inventory down 11%; clearance very successful; summer inventory below targeted levels;... login to read the rest view available tags
16	member 4/23/03 11:29PM one item
I am forgetting the company's real estate holdings... view available tags
15	member 4/23/03 10:41PM 10k Update
Nothing particularly exciting but a few things come up: - they own 4.2m shares of GLYN; they own 14.7m shares of ADS but plan to sell 7m shares in ADS secondary offering (this week?); at... login to read the rest view available tags
14	member 2/28/03 4:56PM update
No real news from the latest conference call and no inclusion of a balance sheet in the press release (why? why? why? are they just lazy?), but the company did mention that the... login to read the rest view available tags
13	member 2/21/03 2:54PM painful
One can only hope that the experience would put an end to such shenanigans but... view available tags
12	member 2/20/03 11:33PM wexner as mgmt
I've been waiting for 4 years now to vent on this issue, so this seems like an appropriate time to point out one of the largest, unreported takings by a CEO that I can remember. When... login to read the rest view available tags
11	member 2/17/03 2:14PM other WAGs - GS
in the realm of fwiw, Goldman Sach's recently reduced 2003 eps estimates to 1.00 based on a difficult start to the year (weather and war). These are bigger WAGs than usual (seeing as they... login to read the rest view available tags
10	member 2/14/03 3:38PM last VL Wags
As noted in the profile, the VL estimate actually did come down to 97c for 02, 1.10 for 03. view available tags
9	member 2/13/03 7:56PM one minor thing
Just a small comment - it isn't like you aren't going to see compeitition coming when it does. I mean, the department stores all sell lingere and lotions and potions so that angle is... login to read the rest view available tags
8	member 2/13/03 7:33PM reply
BBw has experienced two years of negative comps. The core VSS's comps have tailed off too compared to prior years. Because the last 10K didn't separate the two core names, it is difficult... login to read the rest view available tags
7	member 2/13/03 6:19PM Competition
It seems more than a few specialty retailers have been adding gels, soaps, and scents that are in BBW's niche. I agree that the retail environment has been harsh but do you think that... login to read the rest view available tags
6	member 2/13/03 1:43PM ramblings ii
I wouldn't disagree with anything you say but do think Wexner, or his organization, tends to produce best of breed retailers. At least, having followed some of the offshoots - ANF and TOO in... login to read the rest view available tags
5	member 2/13/03 1:38PM BBw in secular decline?
I'm not willing to accept that. EVERY retailer I follow - maybe with the one exception of Chico that I remember - experienced a retail cyclical peak in 1999 and business has trended down... login to read the rest view available tags
4	member 2/13/03 10:37AM Ramblings
Paul – You had intimated a couple of times in other posts that you thought that LTD was cheap, but I was hoping that you would hold off until after the 4th quarter earnings announcement so... login to read the rest view available tags
3	member 2/13/03 9:55AM comments
from what i have seen, VSS is 50% of LTD's operating profits. while itself a good brand and probably worth a premium, BBY appears to be in secular decline, and is probably worthless after capitalizing... login to read the rest view available tags
2	member 2/11/03 8:37PM typo
Under Growth Drivers ...before rebounding to an estimated 6% in fiscal 2002 (instead of 2003 as listed). view available tags
1	member 2/11/03 8:19PM VL data
I should note that I have my own way of calculating p/b ratios, but if you use Value Line's 02 estimate of 4250, the pb is under 1.5x... view available tags

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			2016	2017
Price:	33.61	EPS	3.26	3.62
Shares Out. (in M):	314	P/E	10.3x	9.3x
Market Cap (in $M):	10,536	P/FCF	6.6x	5.9x
Net Debt (in $M):	6,903	EBIT	1,831	1,844
TEV (in $M):	17,439	TEV/EBIT	9.5x	9.5x

Description

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