Limited cuts real estate deals, sees margins off
NEW YORK, Feb 28 (Reuters) - Limited Brands Inc (LTD.N: Quote, Profile, Research, Stock Buzz) said on Thursday that it has cut the number of real estate projects planned for this year as it tries to improve results in its stores.
Limited Brands also said it expects its first-quarter gross margin rate to decline.
The retailer, which operates the Victoria's Secret and Bath & Body Works chains, said the reduction in real estate projects should lower its planned capital expenditures by $85 million.
It made the comments on a conference call. Late on Wednesday, the retailer reported lower fourth-quarter net profit, hurt by markdowns, weak store traffic and scaled-back circulation of its Victoria's Secret catalog. (Reporting by Nicole Maestri, editing by Gerald E. McCormick)
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