After market-close on Wednesday, Feb.28, retailer Limited Brands (NYSE:LTD) released fourth-quarter and year-end results for the period ended Feb. 3, 2007. Here are the quick-and-dirty details for the quarter.

  • Total sales grew 13.6% as overall same-store sales improved 8%.
  • By brand, comps improved 10% at Victoria's Secret, 9% at Bath & Body Works, and 1% at apparel stores such as Limited and Express.
  • Reported diluted earnings fell 15.6%, because last year's quarter included $0.29 in special items. Excluding those items, earnings grew slightly more than 10% .
  • Limited Brands is currently projecting 2007 first-quarter earnings of $0.25-$0.28 per share, and full-year earnings of $1.75-$1.90, or 4%-13% growth.
  • Limited Brands has developed and spun off other successful brands such as Abercrombie & Fitch (NYSE:ANF) and Tween Brands (NYSE:TWB)

(Figures in thousands, except per-share data)

Income Statement Highlights

Q4 2006

Q4 2005

Change

Sales

$4,024,702

$3,541,584

13.6%

Net Profit

$439,778

$519,171

(15.3%)

EPS

$1.08

$1.28

(15.6%)

Diluted Shares

405,340

406,285

(0.2%)

*Three months ended Feb. 3, 2007 and Jan. 28, 2006

Get back to basics with a look at the income statement.

Margin Checkup

Q4 2006

Q4 2005

Change*

Gross Margin

40.1%

40.8%

(0.7)

Operating Margin

17.5%

20.4%

(2.9)

Net Margin

10.9%

14.7%

(3.8)

*Expressed in percentage points.

Margins are the earnings engine. See how they work.

Balance Sheet Highlights

Assets

Q4 2006

Q4 2005

Change

Cash + ST Invest.

$550,399

$1,207,731

(54.4%)

Accounts Rec.

$176,120

$182,352

(3.4%)

Inventory

$1,769,974

$1,159,690

52.6%



Liabilities

Q4 2006

Q4 2005

Change

Accounts Payable

$592,736

$534,960

10.8%

Long-Term Debt

$1,665,109

$1,669,403

(0.3%)



Learn the ways of the balance sheet.

Cash Flow Highlights

Fools will have to shop for further cash flow information once the Limited files its 10-K with the Securities and Exchange Commission.

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Fool contributor Ryan Fuhrmann has no financial interest in any company mentioned. Feel free to email him with feedback or to discuss any companies mentioned further. The Fool has an ironclad disclosure policy.