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Columbus, OH 614.415.7000 www.limitedbrands.com Sales: $3.2 billion (estimated) for home fragrance and personal care products. Corporate sales: $10.4 billion. Net income: $753 million for the year ended Feb. 2, 2013. Key Personnel: Leslie Wexner, chairman and chief executive officer; Nicholas Coe, president and chief executive officer, Bath & Body Works; Sharen J. Turney, president and chief executive officer, Victoria’s Secret. Major Products: Bath & Body Works home fragrance and personal care products, Victoria’s Secret fine fragrances and beauty products. New Products: Bath & Body Works—Pure Paradise fragrances, Malibu Heat lotions and fragrances, White Citrus lotions and fragrances, Underwater Oasis, Fresh Picked sanitizers and home fragrances; Victoria’s Secret—Paradise fragrance collection, Lacquer Gloss Lip shine, Pout Lip Stain, Lash Dare 3-in-1 Mascara Comments: Corporate sales rose just 1% last year, but sales of Bath & Body Works increased 9%. B&BW sales increased across most categories, including Signature Collection, home fragrance and soaps and sanitizers. During 2012, Limited Brands opened 51 Victoria’s Secret and Accessories stores, bringing the total to 108. Plans for 2013 include opening another 70 to 100 stores. For the first quarter ended May 4, 2013, corporate sales rose 5% to more than $2.2 billion and net income increased 14% to $142.5 million. At the center of the company’s success is, of course, Leslie Wexner. Although he’s 75, the Limited Brands’ founder has no plans to retire. In an interview last year with the Columbus Dispatch, Wexner recalled advice from his father nearly 40 years ago: “If you do retire, what I would say is, you have to find something more compelling to do.” Obviously, Wexner hasn’t found anything quite so compelling as retail. He continues to build the company’s personal care and beauty businesses and is determined to keep the concepts and the SKUs, forever young.
Columbus, OH 614.415.7000 www.limitedbrands.com
Sales: $3.2 billion (estimated) for home fragrance and personal care products. Corporate sales: $10.4 billion. Net income: $753 million for the year ended Feb. 2, 2013.
Corporate sales rose just 1% last year, but sales of Bath & Body Works increased 9%. B&BW sales increased across most categories, including Signature Collection, home fragrance and soaps and sanitizers.
During 2012, Limited Brands opened 51 Victoria’s Secret and Accessories stores, bringing the total to 108. Plans for 2013 include opening another 70 to 100 stores.
For the first quarter ended May 4, 2013, corporate sales rose 5% to more than $2.2 billion and net income increased 14% to $142.5 million.
At the center of the company’s success is, of course, Leslie Wexner. Although he’s 75, the Limited Brands’ founder has no plans to retire. In an interview last year with the Columbus Dispatch, Wexner recalled advice from his father nearly 40 years ago: “If you do retire, what I would say is, you have to find something more compelling to do.”
Obviously, Wexner hasn’t found anything quite so compelling as retail. He continues to build the company’s personal care and beauty businesses and is determined to keep the concepts and the SKUs, forever young.
Columbus, OH 614.415.7000 www.limitedbrands.com Sales: $2.9 billion (estimated) for home fragrance and personal care products. Corporate sales: $10.3 billion. Net income: $850 million for the year ended Jan. 28, 2012.
Corporate sales rose 8% last year and comparable store sales increased 10%. Net income increased nearly 6%. Gross profit jumped 130 basis points to 39.1% of net sales. Victoria’s Secret sales rose 11% and Bath & Body Works sales rose 6%. The company credited the increase in B&BW’s sales to growth in the Signature Collection, home fragrance and antibacterial categories, partially offset by a decline in gift set business.
Last year, the number of company-owned retail stores (Victoria’s Secret, Bath & Body Works, La Senza, Henri Bendel) totaled 2,941, a decline of 27 units from the previous year. During the year, the company opened 40 stores and closed 67 stores in North America. Elsewhere, The Limited and its partners opened 40 more Victoria’s Secret Beauty and Accessories stores bringing the total to 57 with plans to add 75 more stores in 2012. Twelve B&BW stores were opened in the Middle East last year, bringing the total to 18. The Limited’s partners plan to open 32 more stores this year.
At the 2012 Fragrance Foundation FiFi Awards, Victoria’s Secret Beauty’s Angel scent won two awards: Broad Appeal Women and Consumer’s Choice. Meanwhile, B&BW took home the Consumer’s Choice award in the men’s category for Bath & Body Works Signature Collection for Men Classic.
According to a recent Piper Jaffray consumer poll, Victoria’s Secret remains the preferred fragrance for upper-income and average-income teens. It marks the ninth time in a row that Victoria’s Secret has topped the Piper Jaffray survey. According to the study, beauty spending by upper-income teens increased 8% sequentially and 6% year-over-year. For average-income teens, beauty spending increased 21% sequentially and 18% year-over-year.
Nicholas Coe was elected president and CEO of Bath & Body Works in August 2011.
Columbus, OH
614.415.7000
www.limitedbrands.com
Sales: $2.7 billion
Sales:
$2.7 billion (estimated) for home fragrance and personal care products. Corporate sales: $9.6 billion. Net income: $805 million for the year ended Jan. 30, 2011.
The Limited seems to be back on target after corporate sales rose 11% in 2010 and net income soared 80%. In 2009, sales fell 4%.
Bath & Body Works’ sales rose 6% to just over $2.5 billion, while Victoria’s Secret’s beauty sales increased 15%. The company credited the increase in Victoria’s Secret beauty to a compelling merchandise assortment that incorporated newness, innovation and fashion.
Despite the good results, the company is making some tough decisions in 2011 as it closes 1,000 international stores this year.
In a personnel move, Diane Neal, chief executive officer of Bath & Body Works, will remain in that role through the end of the summer and then transition into an advisory role with the company from San Francisco. Nick Coe, formerly president of Lands’ End, will join BBW as its CEO.
As of Jan. 29, 2011, Limited Brands operated 2,968 stores, including 1,606 Bath & Body Works stores in the US (down from 1,627 stores in fiscal 2009) and 1,028 Victoria’s Secret stores in the US (down from 1,040 a year ago).
Columbus, OH 614.415.7000 www.limitedbrands.com Sales: $2.6 billion
Sales: $2.6 billion (estimated) for Bath & Body Works and Victoria’s Secret personal care and home fragrance products. Corporate sales: $8.6 billion. Net income: $448 million for the year ended Jan. 30, 2010.
Times remain tough for retailers in general and Limited Brands in particular. Fewer women were shopping during the recession and when they did open their pocketbooks, they were more likely to be at a Walmart than a Victoria’s Secret or Bath & Body Works, the two retailer brands owned by Limited. Corporate sales fell 4% to $8.6 billion.
Sales at Bath & Body Works increased less than 1% to nearly $2.4 billion. Net sales were driven by the Signature Collection, antibacterial and home fragrance categories that were partially offset by discontinued product lines. During the year, Limited Brands restaged the Signature Collection and the antibacterial lines with new fragrances, improved formulas and updated packaging.
Victoria’s Secret’s sales fell 5% to $5.3 billion. Heidi Klum’s latest release at Victoria’s Secret is The Heidi Collection, Exotic Jewels. According to the company, the range was inspired by the model’s trip to the spiritual city of Varanasi, India and the Indian-themed vow renewal ceremony she shared with husband Seal in Mexico last year. The collection features a rich palette of hues, ranging from lipgloss to luminous face powder gems.
The good news is that things seem to be picking up. After two down years, comparable store sales at Bath & Body Works rose 7% for the quarter ended May 31, 2010. At the same time, sales at Victoria’s Secret were up 12%. Overall, sales rose 10% in the first quarter to $1.9 billion. Meanwhile, net income surged to $112 million, compared to $2.6 million a year ago.
As of May 31, 2010, the company operated 2,969 stores, down from 3,008 the year before.
Sales: $2.7 billion (estimated) for Bath & Body Works, White Barn and Victoria’s Secret personal care and home fragrance products. Corporate sales: $9 billion. Net income: $220 million for the year ended Jan. 31, 2009.
Corporate sales fell 11% and net income tumbled nearly 70%. Sales at Bath & Body Works fell 5% to less than $2.4 billion. The company blamed the strengthening recession and declines in its Signature Collection, which were offset partially by increases in the aromatherapy, True Blue Spa and home fragrance categories.
With sales falling and no sign of recovery, Limited Brands initiated a restructuring program in December that included the elimination of approximately 400 positions (10%) of the company’s corporate and home office headcount.
In 2009, the company expects to open about 20 new Bath & Body Works stores in Canada.
At the FiFi Awards in May, Victoria’s Secret Beauty’s Sexy Little Things Noir eau de parfum won Fragrance of the Year in the Women’s Private Label Direct Sell category.
During the company’s annual meeting, chairman and CEO Leslie H. Wexner said the company’s decision to take a defensive position in 2008 enabled it to make progress. Still, first quarter revenues declined 10.4% to $1.7 billion and net income plunged 97% to about $98 million.
Next month, Victoria’s Secret will give its Very Sexy makeup line a makeover. The line is being rebranded as VS Makeup and will boast new formulas, new packaging and a broader array of colors.
$3 billion (estimated) for Bath & Body Works, White Barn and Victoria’s Secret personal care products. Corporate sales: $10.1 billion. Net income: $718 million for the year ended Feb. 2, 2008.
Leslie Wexner is getting personal. Although the Limited Brands chairman got his start in apparel, he sees the future in personal care, particularly beauty. No wonder then, that Limited divested its Express and Limited Stores last summer to focus on its two core brands, Victoria’s Secret and Bath & Body Works.
In fact, in an interview with Women’s Wear Daily last fall, Mr. Wexner called Limited’s personal care business the fifth largest in the U.S., with Estée Lauder at No. 4. To build business further, the company is setting its sights on international markets since, as Mr. Wexner noted, unlike apparel, personal care and beauty products usually work well on a global basis.
Despite his confidence in the personal care market, BBW sales actually declined 2% last year to just under $2.5 billion. The decline was blamed on a drop in store traffic experienced throughout the year, and in particular, during the fourth quarter, which resulted in disappointing holiday sales.
Similarly, Victoria’s Secret beauty sales also declined, but Mr. Wexner insisted that he’s taking a long-term view.
“Brand loyalty to beauty and lingerie is very different than loyalty to apparel. Because of that loyalty, we get trial and repeat (business) in a way that apparel does not get,” he told WWD. “Both (beauty and lingerie) categories have significantly longer product life cycles and reduced markdowns, giving the business unusual characteristics and stability.”
For the first quarter of 2008, sales fell 16% to $1.9 billion, but net income surged 84%. Comparable store sales declined 8% for the quarter.
On May 29, the company appointed Peter Horvath as executive vice president of business integration. He will work on a variety of operational strategies and initiatives with both Martyn Redgrave, executive vice president and chief administrative officer, and Mr. Wexner.
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