Limited Brands Reports December 2008 Sales and Updates Earnings Guidance

COLUMBUS, Ohio, Jan. 8 /PRNewswire-FirstCall/ -- Limited Brands, Inc. (NYSE: LTD) reported a comparable store sales decrease of 10 percent for the five weeks ended Jan. 3, 2009, compared to the five weeks ended Jan. 5, 2008. The company reported net sales of $1.644 billion for the five weeks ended Jan. 3, 2009, compared to net sales of $1.744 billion last year.

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The company's December sales results were below expectations. Promotional activity was increased to drive traffic and clear inventory, resulting in merchandise margins that were down significantly to last year and below expectations. The Victoria's Secret Stores' semi-annual sale began earlier than planned and earlier than last year, which favorably impacted Victoria's Secret Stores' December comparable store sales by roughly 2 points. Although the negative impact of the semi-annual sale timing shift on January results is difficult to project, the company currently projects a January comp decline in the mid-to-high teens. The company currently estimates that fourth quarter earnings will be between $0.55 and $0.70 per share.

The company reported a comparable store sales decrease of 9 percent for the 48 weeks ended Jan. 3, 2009. Net sales were $8.451 billion compared to net sales of $9.461 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.

To hear further commentary provided on Limited Brands' prerecorded December sales message, call 1-866-639-7583 (1-866-NEWS-LTD), or log onto www.Limitedbrands.com for an audio replay.

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 3,029 specialty stores. The company's products are also available online at www.VictoriasSecret.com, www.BathandBodyWorks.com, www.HenriBendel.com and 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 December sales 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 December sales call:

     - general economic conditions, consumer confidence and consumer spending
       patterns, including risks related to:
         - the continued deterioration in the U.S. economic environment,
           including recessionary pressures;
         - the significant decline in consumer confidence and the negative
           impact on consumer discretionary spending;
         - the disruption and significant tightening in the U.S. credit and
           lending markets;
     - 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;
     - 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 December sales 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. Additional information regarding these and other factors can be found in "Item 1A. Risk Factors" in our 2007 Annual Report on Form 10-K and in our third quarter 2008 Quarterly Report on Form 10-Q.

                                LIMITED BRANDS
                                DECEMBER 2008

    Comparable Store Sales Increase (Decrease):

                                                         Year-to-     Year-to-
                            December       December        Date         Date
                              2008           2007          2008         2007

    Victoria's Secret
     Stores                     (9%)           (8%)         (8%)         (2%)
    La Senza(1)                (10%)           (4%)         (3%)          0%
    Bath & Body Works          (11%)           (8%)        (10%)         (4%)

    Express(2)                    -              -            -           6%
    Limited Stores(3)             -              -            -           4%
    Total Apparel                 -              -            -           5%
    Limited Brands             (10%)           (8%)         (9%)         (2%)

    1.) La Senza comparable store sales not included in total Limited Brands'
        comparable store sales until January 2008 as the business was acquired
        on Jan. 12, 2007
    2.) Express comparable store sales through July  6, 2007, closing date of
        the sale of majority interest to affiliates of Golden Gate Capital
    3.) Limited Stores comparable store sales through Aug. 3, 2007, closing
        date of the transfer of majority interest to affiliates of Sun Capital
        Partners



    Total Stores:

                                        Stores                       Stores
                                      Operating    Year-to-date     Operating
                                      at 2/2/08   Opened   Closed   at 1/3/09

    Victoria's Secret Stores              1,020       41     (14)      1,047
    La Senza                                312       15      (5)        322
    Bath & Body Works                     1,592       78     (21)      1,649
    Henri Bendel                              2        3       -           5
    Bath & Body Works Canada                  -        6       -           6
    Total Limited Brands                  2,926      143     (40)      3,029

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