COLUMBUS, Ohio (Map) - COLUMBUS, Ohio, May 21 /PRNewswire-FirstCall/ -- Limited Brands, Inc. (NYSE: LTD) today reported 2008 first quarter results.

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First Quarter Results

Earnings per share for the first quarter ended May 3, 2008, were $0.28 compared to $0.13 last year. First quarter operating income was $209.4 million compared to $108.5 million last year, and net income was $97.8 million compared to $52.9 million last year.

The 2008 results contain certain significant items totaling $0.18 per share. These items include:

     -- A pre-tax gain of $128 million ($81 million after-tax), or $0.24 per
        share, related to the sale of a non-core joint venture; and
     -- A pre-tax charge of $19 million ($19.6 million after-tax), or $0.06
        per share, related to the impairment of the investment carrying value
        of another non-core joint venture.

Excluding these items, first quarter earnings per share were $0.11 compared to $0.13 last year; operating income was $100.4 million compared to $108.5 million last year; and net income was $36.4 million compared to $52.9 million last year.

Comparable store sales for the first quarter decreased 8 percent, and net sales were $1.925 billion compared to $2.311 billion last year.

2007 net sales include Express sales through July 6, 2007, the closing date of the sale of a majority interest to affiliates of Golden Gate Capital, and Limited Stores sales through Aug. 3, 2007, the closing date of the transfer of a majority interest to affiliates of Sun Capital Partners.

2008 Outlook

The company stated that it expects 2008 second quarter earnings per share to be $0.16 to $0.20 compared to $0.20 per share last year.

For 2008, the company expects earnings per share of $1.38 to $1.58, excluding the first quarter one-time items of $0.18 per share.

Earnings Call Information

Limited Brands will conduct its first quarter earnings call at 9:00 a.m. Eastern time on Thursday, May 22. To listen, call 1-866-583-6618 (International Dial-In Number: 1-706-643-0382). For an audio replay, call 1- 866-NEWS-LTD (International Replay Number: 1-706-902-3452) or log onto http://www.Limitedbrands.com . Additional first quarter financial information is also available at http://www.Limitedbrands.com .

ABOUT LIMITED BRANDS:

Limited Brands, through Victoria's Secret, Pink, Bath & Body Works, C.O. Bigelow, La Senza, White Barn Candle Co. and Henri Bendel, presently operates 2,974 specialty stores. The company's products are also available online at http://www.VictoriasSecret.com , http://www.BathandBodyWorks.com and http://www.LaSenza.com .

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or the first quarter earnings call involve risks and uncertainties and are subject to change based on various important factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward- looking statements. Words such as "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," "planned," "potential" and similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this press release or the first quarter earnings call:

     -- general economic conditions, consumer confidence and consumer spending
        patterns;
     -- the dependence on a high volume of mall traffic and the possible lack
        of availability of suitable store locations on appropriate terms;
     -- the seasonality of our business;
     -- our ability to grow through new store openings and existing store
        remodels and expansions;
     -- our ability to expand into international markets;
     -- independent licensees;
     -- our direct channel business including risks associated with our new
        distribution center;
     -- our failure to protect our reputation and our brand images;
     -- our failure to protect our trade names and trademarks;
     -- market disruptions including severe weather conditions, natural
        disasters, health hazards, terrorist activities or the prospect of
        these events;
     -- stock price volatility;
     -- our failure to maintain our credit rating;
     -- our ability to service our debt;
     -- the highly competitive nature of the retail industry generally and the
        segments in which we operate, particularly risks associated with
        consumer acceptance of our products and our ability to keep up with
        fashion trends, develop new merchandise, launch new product lines
        successfully, offer products at the appropriate price points and
        enhance our brand image;
     -- our ability to retain key personnel;
     -- our ability to attract, develop and retain qualified employees and
        manage labor costs;
     -- our reliance on foreign sources of production, including risks related
        to:
        -- political instability,
        -- duties, taxes, other charges on imports,
        -- legal and regulatory matters,
        -- currency and exchange rates,
        -- local business practices and political issues,
        -- potential delays or disruptions in shipping and related pricing
           impacts and
        -- the disruption of imports by labor disputes;
     -- the possible inability of our manufacturers to deliver products in a
        timely manner or meet quality standards;
     -- rising energy costs;
     -- increases in the costs of mailing, paper and printing;
     -- our ability to implement and sustain information technology systems;
        and
     -- our failure to comply with regulatory requirements.

We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release or the first quarter earnings call to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward- looking statements will not be realized.

                      LIMITED BRANDS, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF INCOME
                THIRTEEN WEEKS ENDED MAY 3, 2008 AND MAY 5, 2007
                                   (Unaudited)
                    (In thousands except per share amounts)
                                                   2008              2007
    Net Sales                                   $1,925,081        $2,310,843
    Gross Profit                                   641,117           794,758
    General, Administrative and Store
     Operating Expenses                           (540,680)         (686,233)
    Net Gain on Joint Ventures                     108,962                 -
    Operating Income                               209,399           108,525
    Interest Expense                               (45,021)          (25,363)
    Interest Income                                  5,553             2,748
    Other Income                                     4,583               165
    Minority Interest                                  999             5,853
    Income Before Income Taxes                     175,513            91,928
    Provision for Income Taxes                      77,732            39,000
    Net Income                                     $97,781           $52,928
    Net Income Per Diluted Share                     $0.28             $0.13
    Weighted Average Shares Outstanding            344,147           406,164
    Certain prior year amounts have been reclassified to conform with the
    current year presentation.