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Filed by The Limited, Inc.
Pursuant to Rule 425 under the
Securities Act of 1933 and deemed
Filed pursuant to Rule 14a-12 under
the Securities Exchange Act of 1934
Subject Company: Intimate Brands, Inc.
Commission File No. 1-13814
Date: March 7, 2002
On March 7, 2002, The Limited, Inc. issued the following press release:
THE LIMITED, INC
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THREE LIMITED PARKWAY
COLUMBUS, OHIO 43230
TEL 614 415 7000
THE LIMITED, INC. REPORTS FEBRUARY SALES
Columbus, Ohio (March 7, 2002) -- The Limited, Inc. (NYSE/LSE: LTD) reported a
comparable store sales increase of 2% for the four weeks ended March 2, 2002
compared to the four weeks ended March 3, 2001. Net sales were $622.5 million,
an increase of 5% compared to adjusted sales of $593.4 million last year.
Adjusted sales in 2001 exclude sales from Lane Bryant, which was sold to
Charming Shoppes, Inc. (NASDAQ: CHRS) in August 2001. Net sales for the four
weeks ended March 3, 2001 including Lane Bryant were $660.6 million.
To hear The Limited, Inc.'s prerecorded February sales message, call
1-800-337-6551, followed by the passcode LTD (583), or log onto www.Limited.com
for an audio replay.
About The Limited, Inc.:
The Limited, Inc., through Express, Lerner New York, Limited Stores, Structure
and Henri Bendel, presently operates 1,986 specialty stores. The Company also
owns approximately 84% of Intimate Brands, Inc. (NYSE: IBI), the leading
specialty retailer of intimate apparel, beauty and personal care products, sold
through 2,620 stores under the Victoria's Secret, Bath & Body Works and White
Barn Candle Co. brands. Victoria's Secret products are also available through
the catalogue and www.VictoriasSecret.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: All forwardlooking statements made by the Company in the February sales
call involve risks and uncertainties and are subject to change based on various
important factors, many of which may be beyond the Company's control.
Accordingly, the Company's 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" and similar expressions may identify forward-looking
statements. The following factors, among others, in some cases have affected
and in the future could affect the Company's financial performance and actual
results and could cause actual results for 2002 and beyond to differ materially
from those expressed or implied in any forward-looking statements included in
the February sales call or otherwise made by management: changes in consumer
spending patterns, consumer preferences and overall economic conditions; the
potential impact of national and international security concerns on the retail
environment; the impact of competition and pricing; changes in weather
patterns; political stability; postal rate increases and charges; paper and
printing costs; risks associated with the seasonality of the retail industry;
risks related to consumer acceptance of the Company's products and the ability
to develop new merchandise; the ability to retain, hire and train key
personnel; risks associated with the possible inability of the Company's
manufacturers to deliver products in a timely manner; risks associated with
relying on foreign sources of production and availability of suitable store
locations on appropriate terms and other factors that may be described in the
Company's filings with the Securities and Exchange Commission. The
forward-looking information provided in the February sales call is based on
information available to the Company as of the date of this press release. The
Company does not undertake to publicly update or revise its forward-looking
statements even if experience or future changes make it clear that any
projected results expressed or implied therein will not be realized.
# # #
For further information, please contact:
Tom Katzenmeyer
Vice President, Communications and Investor Relations
The Limited, Inc.
614-415-7076
www.Limited.com
(attachment: Comparable Store Sales and Store Count, page 2)
THE LIMITED, INC.
FEBRUARY 2002
Comparable Store Sales Increase (Decrease):
February February
2002 2001
-------- --------
Victoria's Secret Stores 7% (6%)
Bath & Body Works (8%) (3%)
Intimate Brands, Inc. 1% (5%)
Express 5% 1%
Lerner New York 5% 9%
Limited Stores (1%) 5%
Total Apparel 4% 4%
The Limited, Inc. 2% 0%
Total Stores:
Stores Stores
Beginning Year-to-date Operating Operating
of Year Opened Closed at 3/2/02 at 3/3/01
--------- ------ ------ --------- ---------
Victoria's Secret Stores 1,002 1 - 1,003 957
Bath & Body Works 1,615 2 - 1,617 1,441
------------------------------------- -----
Total Intimate Brands 2,617 3 - 2,620 2,398
Express Women 667 - (2) 665 663
Express Men 439 - (6) 433 467
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Total Express 1,106 - (8) 1,098 1,130
Lerner New York 522 - (2) 520 558
Limited Stores 368 - (1) 367 388
------------------------------------- -----
Total Apparel 1,996 - (11) 1,985 2,076
Henri Bendel 1 - - 1 1
Lane Bryant - - - - 652
------------------------------------- -----
Total Other Businesses 1 - - 1 653
------------------------------------- -----
Total Limited, Inc. 4,614 3 (11) 4,606 5,127
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Additional Information
In connection with the proposed transaction, The Limited, Inc. has filed
an exchange offer prospectus and a proxy statement with the Securities and
Exchange Commission. INVESTORS AND STOCKHOLDERS ARE ADVISED TO READ THESE AND
ALL RELATED DOCUMENTS BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and
stockholders may obtain a free copy of the exchange offer prospectus, the proxy
statement and related documents from the Securities and Exchange Commission's
web site at http://www.sec.gov. Free copies of these documents may also be
obtained from The Limited by directing a request to The Limited, Inc.,
Investors Relations, Three Limited Parkway, Columbus, Ohio 43216, (614)
415-7076.
The Limited and its directors, executive officers and other members of its
management and employees may be soliciting proxies from its stockholders in
connection with the proposed transaction. Information concerning The Limited's
participants in the solicitation is contained in a filing made by The Limited
with the Securities and Commission pursuant to Rule 14a-12 on February 4, 2000