Yesterday, Limited Brands Inc. reported recent sales performance and a special dividend. The company noted it had a comparable store sales increase of 7% for the four weeks ended Nov. 26, 2011, compared to the four weeks ended Nov. 27, 2010. The company reported net sales of $872.6 million for the four weeks ended Nov. 26, 2011, compared to net sales of $893.0 million last year.

The decline in sales year over year was driven by the sale of our third party apparel sourcing business in the beginning of November 2011. The company also reported a comparable store sales increase of 10 percent for the 43 weeks ended Nov. 26, 2011, compared to the 43 weeks ended Nov. 27, 2010. The company reported net sales of $7.721 billion for the 43 weeks ended Nov. 26, 2011, compared to sales of $7.050 billion last year. The company expects 2011 free cash flow of approximately $700 million and a year-end cash balance, after the payment of the special dividend, of approximately $800 million.
Limited Brand’s Board of Directors declared a special dividend of $2 per share, which will be paid to shareholders of record in December. Leslie H. Wexner, chairman and chief executive officer, said, “Returning value to our shareholders is paramount for us. Our earnings growth and disciplined management of the business have resulted in significant free cash flow and a very strong cash and liquidity position. Going forward, we are confident in the growth opportunities for our business, which will allow us to continue to return excess cash to shareholders through a combination of ongoing regular dividends, share repurchases and special dividends.”