Annual Report (Form 10-K), fiscal year 1994

ITEM 1. BUSINESS.
General.
The Limited, Inc., a Delaware corporation (the "Company"), is principally engaged in the purchase, distribution and sale of women's apparel. The Company operates an integrated distribution system which supports the Company's retail activities. These activities are conducted under various trade names through the retail stores and catalogue divisions of the Company. Merchandise is targeted to appeal to customers in specialty markets who have distinctive consumer characteristics, and includes regular and special-sized fashion apparel available at various price levels. The Company's merchandise includes shirts, blouses, sweaters, pants, skirts, coats, dresses, lingerie and accessories and, to a lesser degree, men's apparel, children's apparel, fragrances, bed, bath, personal care products and specialty gift items. The Company's wholly-owned credit card bank, World Financial Network National Bank, provides credit services to customers of the retail and catalogue divisions of the Company.
Description of Operations.
General. -------
As of January 29, 1994, the Company operated twelve retail divisions and one catalogue division (Victoria's Secret Catalogue). The following chart reflects the retail divisions and the number of stores in operation in each division at January 29, 1994 and January 30, 1993.
The following table shows the changes in the number of retail stores operated by the Company for the past five fiscal years:
- - ------------------ /1/ This figure represents the sale of the Lerner Woman stores effective April 30, 1989.
The Company also operates Mast Industries, Inc., a contract manufacturer and apparel importer, and Gryphon Development, Inc. ("Gryphon"). Gryphon creates, develops and contract manufactures most of the bath and personal care products sold by the Company.
During fiscal year 1993, the Company purchased merchandise from approximately 4,000 suppliers and factories located throughout the world. Approximately 57% of the Company's merchandise is purchased in foreign markets and a portion of merchandise purchased in the domestic market is manufactured overseas. Company records, however, do not allocate between foreign and domestic sources for merchandise purchased domestically. No more than 5% of goods purchased originated from any single manufacturer.
Most of the merchandise and related materials for the Company's stores is shipped to the Company's distribution centers in the Columbus, Ohio area, where the merchandise is received and inspected. The Company uses common and contract carriers to distribute merchandise and related materials to its stores. The Company's divisions generally have independent distribution capabilities and no division receives priority over any other division. There are no distribution channels between the divisions.
The Company's policy is to maintain sufficient quantities of inventory on hand in its retail stores and distribution centers so that it can offer customers a full selection of current merchandise. The Company emphasizes rapid turnover and takes markdowns where required to keep merchandise fresh and current with fashion trends.
The Company views the retail apparel market as having two principal selling seasons, Spring and Fall. As is generally the case in the apparel industry, the Company experiences its peak sales activity during the Fall season. This seasonal sales pattern results in increased inventory and accounts receivable during the Fall and Christmas selling periods. During fiscal year 1993, the highest inventory level approximated $1.167 billion at the November, 1993 month-end and the lowest inventory level approximated $760 million at the January, 1994 month-end.
Merchandise sales are paid for in cash, personal check or by credit cards issued by the Company's wholly-owned credit card bank, World Financial Network National Bank ("WFNNB"), for customers of Express, Lerner New York, Limited Stores, Lane Bryant, Structure, Victoria's Secret Catalogue and Henri Bendel, as well as credit cards issued by third party banks and other financial institutions. Further information related to WFNNB's loan balances and allowance for uncollectible accounts is contained in Note 3 of the Notes To Consolidated Financial Statements included in The Limited, Inc. 1993 Annual Report to Shareholders, portions of which are annexed hereto as Exhibit 13 (the "1993 Annual Report") and Financial Statement Schedule VIII to this Form 10-K, and is incorporated herein by reference.
The Company offers its customers a liberal return policy stated as "No Sale is Ever Final." The Company believes that certain of its competitors offer similar credit card and service policies.
The following is a brief description of each of the Company's operating divisions, including their respective target markets.
Express
Express brings international women's sportswear and accessories with a distinctive European point of view to fashion forward women in a spirited continental store environment.
Lerner New York
Lerner New York is a moderate-priced specialty retailer of conventional women's sportswear, ready-to-wear and coats.
The Limited
The Limited offers a full range of fashion forward private label sportswear, ready-to-wear and accessories for women.
Victoria's Secret Stores
Victoria's Secret Stores offers lingerie, beautiful fragrances and romantic gifts in an atmosphere of "pure indulgence".
Lane Bryant
Lane Bryant focuses on sportswear, ready-to-wear, coats and intimate apparel for the fashion-conscious large size woman.
Victoria's Secret Catalogue
Victoria's Secret Catalogue sells women's lingerie, sportswear and ready-to-wear via catalogue.
Structure
Structure offers a men's sportswear collection with a distinct international flavor. The store environment mixes classic Palladian and modern architectural styles to appeal to men with a good sense of fine design.
The Limited Too
The Limited Too offers fashionable casual sportswear for girls wearing sizes 6 to 14.
Bath & Body Works
Bath & Body Works provides personal care products for women and men.
Abercrombie & Fitch Co.
Abercrombie & Fitch provides spirited traditional sportswear for young-thinking men and women.
Henri Bendel
Henri Bendel offers glamorous and sophisticated women's fashions in an exclusive shopping environment.
Cacique
Cacique offers fashion lingerie and gifts in an European shopping environment.
Penhaligon's
Penhaligon's designs, distributes, wholesales and retails a variety of perfumes, toiletries, grooming accessories and antique silver gifts.
Additional information about the Company's business, including its revenues and profits for the last three years and the selling square footage and other information about each of the Company's operating divisions, is set forth under the caption "Management's Discussion and Analysis" of the 1993 Annual Report and is incorporated herein by reference.
Competition.
The sale of apparel and personal care products through retail stores is a highly competitive business with numerous competitors, including individual and chain fashion specialty stores and department stores. Design, price and quality are the principal competitive factors in retail store sales. The Company's catalogue divisions compete with numerous national and regional catalogue merchandisers in catalogue sales. Design, price, quality and catalogue presentation are the principal competitive factors in catalogue sales.
The Company is unable to estimate the number of competitors or its relative competitive position due to the large number of companies selling apparel and personal care products at retail, both through stores and catalogues.
ASSOCIATE RELATIONS.
On January 29, 1994, the Company employed approximately 97,500 associates, 70,800 of whom were part-time. In addition, temporary associates are hired during peak periods, such as the Christmas season.
ITEM 2.



ITEM 2. PROPERTIES.
The Company's business is principally conducted from office, distribution and shipping facilities located in the Columbus, Ohio area. Additional facilities are located in New York City and Andover, Massachusetts.
The distribution and shipping facilities owned by the Company consist of seven buildings located in Columbus, Ohio, comprising approximately 5.2 million square feet. The operations of WFNNB are located in two leased facilities in the Columbus area, which, in the aggregate, cover approximately 200,000 square feet.
Substantially all of the retail stores operated by the Company are located in leased facilities, primarily in shopping centers throughout the continental United States. The leases expire at various dates between 1994 and 2014 and generally do not have renewal options.
Typically, when space is leased for a retail store in a shopping center, all improvements, including interior walls, floors, ceilings, fixtures and decorations, are supplied by the tenant. In certain cases, the landlord of the property may provide a construction allowance to defray a portion of the cost of improvements. The cost of improvements varies widely, depending on the size and location of the store. Rental terms for new locations usually include a fixed minimum rent plus a percentage of sales in excess of a specified amount. Certain operating costs such as common area maintenance, utilities, insurance, and taxes are typically paid by tenants.
ITEM 3.

ITEM 3. LEGAL PROCEEDINGS.
Not applicable.
ITEM 4.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.
SUPPLEMENTAL ITEM. EXECUTIVE OFFICERS OF THE REGISTRANT.
Set forth below is certain information regarding the executive officers of the Company as of January 29, 1994.
Leslie H. Wexner, 56, has been Chairman of the Board of Directors of the Company for more than five years and its President and Chief Executive Officer since he founded the Company in 1963.
Kenneth B. Gilman, 47, was promoted to Vice Chairman and Chief Financial Officer of the Company in June 1993. Mr. Gilman was the Executive Vice President and Chief Financial Officer of the Company for more than five years prior thereto.
Michael Weiss, 52, was promoted to Vice Chairman of the Company in June 1993. Mr. Weiss was the Chief Executive Officer of the Company's Express division for more than five years prior thereto.
Bella Wexner, over 65 years of age, has been the Secretary of the Company for more than five years.
Martin Trust, 59, has been President of Mast Industries, Inc., a wholly-owned subsidiary of the Company, for more than five years.
Arnold F. Kanarick, 51, has been Executive Vice President and Director of Human Resources since October 1992. Mr. Kanarick was Vice President, Human Resources of Analog Devices, a manufacturer of semiconductors, from 1985 to 1992.
Wade H. Buff, 59, has been Vice President-Internal Audit for more than five years.
Alfred S. Dietzel, 62, has been Vice President-Financial and Public Relations of the Company for more than five years.
Barry Erdos, 50, was promoted to Vice President and Corporate Controller of the Company in August 1993. Mr. Erdos was Executive Vice President and Chief Financial Officer of the Company's Henri Bendel division for more than five years prior thereto.
Samuel Fried, 42, has been Vice President and General Counsel of the Company since November 1991. Mr. Fried was Vice President and General Counsel of Exide Corporation, a manufacturer of automotive and industrial batteries, from February 1987 to October 1991.
William K. Gerber, 40, was promoted to Vice President of Finance of the Company in August 1993. Mr. Gerber was Vice President and Corporate Controller of the Company for more than five years prior thereto.
Patrick C. Hectorne, 41, was promoted to Treasurer of the Company in August 1993. Mr. Hectorne was Assistant Treasurer of the Company for more than five years prior thereto.
Charles W. Hinson, 57, has been President-Store Planning of the Company for more than five years.
Timothy B. Lyons, 48, has been Vice President of Taxes of the Company for more than five years.
Edward Razek, 45, was promoted to Vice President and Director of Marketing of the Company in November 1993. Mr. Razek was the Executive Vice President of Marketing for Limited Stores for more than five years prior thereto.
George R. Sappenfield, III, 43, was promoted to President-Real Estate of the Company in July 1993. Mr. Sappenfield was Vice President-Real Estate for more than five years prior thereto.
Bruce A. Soll, 36, has been Vice President of the Company since October 1991. Mr. Soll was Counselor/Director of Policy Planning for the U.S. Department of Commerce from February 1989 to September 1991, Counselor for the Bush-Quayle campaign and Presidential Inaugural Committee from 1988 to 1989 and Director of Finance of President Reagan's Foundation and Library from 1985 to 1988.
All of the above officers serve at the pleasure of the Board of Directors of the Company.
PART II
ITEM 5.

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
Information regarding markets in which the Company's common stock was traded during fiscal years 1993 and 1992, approximate number of holders of common stock, and quarterly cash dividend per share information of the Company's common stock for the fiscal years 1993 and 1992 is set forth under the caption "Market Price and Dividend Information" of the 1993 Annual Report and is incorporated herein by reference.
ITEM 6.

ITEM 6. SELECTED FINANCIAL DATA.
Selected financial data is set forth under the caption "Financial Summary" of the 1993 Annual Report and is incorporated herein by reference.
ITEM 7.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Management's discussion and analysis of financial condition and results of operations is set forth under the caption "Management's Discussion and Analysis" of the 1993 Annual Report and is incorporated herein by reference.
ITEM 8.


ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
The Consolidated Financial Statements of the Company and subsidiaries, the Notes to Consolidated Financial Statements and the Report of Independent Accountants are set forth in the 1993 Annual Report and are incorporated herein by reference.
ITEM 9.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
Not applicable.
PART III
ITEM 10.



ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
Information regarding directors of the Company is set forth under the captions "ELECTION OF DIRECTORS - Nominees and Directors", "- Business Experience" and "- Information Concerning the Board of Directors" on pages 1 through 4 of the Company's proxy statement for the Annual Meeting of Shareholders to be held May 23, 1994 (the "Proxy Statement")and is incorporated herein by reference. Information regarding executive officers is set forth herein under the caption "SUPPLEMENTAL ITEM. EXECUTIVE OFFICERS OF THE REGISTRANT" in part I. Information regarding family relationships is set forth under the caption "PRINCIPAL HOLDERS OF VOTING SECURITIES" on page 13 of the Proxy Statement and is incorporated herein by reference.
ITEM 11.

ITEM 11. EXECUTIVE COMPENSATION.
Information regarding executive compensation is set forth under the caption "EXECUTIVE COMPENSATION" on pages 6 through 8 of the Proxy Statement and is incorporated herein by reference. Such incorporation by reference shall not be deemed to specifically incorporate by reference the information referred to in Item 402(a)(8) of Regulation S-K.
ITEM 12.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
Information regarding the security ownership of certain beneficial owners and management is set forth under the caption "ELECTION OF DIRECTORS - Security Ownership of Directors and Management" on pages 4 and 5 of the Proxy Statement and is incorporated herein by reference.
ITEM 13.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
Information regarding certain relationships and related transactions is set forth under the caption "ELECTION OF DIRECTORS - Business Experience" on pages 2 and 3 of the Proxy Statement and is incorporated herein by reference.
PART IV
ITEM 14.

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.
(a)(1) List of Financial Statements. ----------------------------
The following consolidated financial statements of The Limited, Inc. and subsidiaries and the related notes are filed as a part of this report pursuant to ITEM 8:
Consolidated Statements of Income for the fiscal years ended January 29, 1994, January 30, 1993 and February 1, 1992.
Consolidated Balance Sheets as of January 29, 1994 and January 30, 1993. Consolidated Statements of Shareholders' Equity for the fiscal years ended January 29, 1994, January 30, 1993 and February 1, 1992. Consolidated Statements of Cash Flows for the fiscal years ended January 29, 1994, January 30, 1993 and February 1, 1992. Notes to Consolidated Financial Statements. Report of Independent Accountants.
(a)(2) List of Financial Statement Schedules. -------------------------------------
The following consolidated financial statement schedules of The Limited, Inc. and subsidiaries are filed as part of this report pursuant to ITEM 14(d):
V. Property, Plant and Equipment. VI. Accumulated Depreciation and Amortization of Property, Plant and Equipment. VIII. Valuation and Qualifying Accounts. IX. Short-term Borrowings.
All other schedules are omitted because the required information is either presented in the financial statements or notes thereto, or is not applicable, required or material. Columns omitted from schedules filed have been omitted because the information is not applicable.
(a)(3) List of Exhibits. ----------------
3. Articles of Incorporation and Bylaws.
3.1. Certificate of Incorporation of the Company incorporated by reference to Exhibit 3.4 to the Company's Annual Report on Form 10-K for the fiscal year ended January 30, 1988.
3.2. Restated Bylaws of the Company incorporated by reference to Exhibit 3.2 to the Company's Annual Report on Form 10-K for the fiscal year ended February 2, 1991 (the "1990 Form 10-K").
4. Instruments Defining the Rights of Security Holders.
4.1. Copy of the form of Global Security representing the Company's 7 1/2% Debentures due 2023, incorporated by reference to Exhibit 1 to the Company's Current Report on Form 8-K dated March 4, 1993.
4.2. $900,000,000 Credit Agreement dated as of August 30, 1990 (the "Credit Agreement") among the Company, Morgan Guaranty Trust Company of New York and certain other banks (collectively, the "Banks"), incorporated by reference to Exhibit 4.7 to the Company's Quarterly Report on Form 10-Q for the quarter ended August 4, 1990, as amended by Amendment No. 1 dated as of December 4, 1992, incorporated by reference to Exhibit 4.8 to the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 1992.
4.3. $280,000,000 Credit Agreement dated as of December 4, 1992 among the World Financial Network National Bank, the Company, the Banks and Morgan Guaranty Trust Company of New York, incorporated by reference to Exhibit 4.9 to the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 1992.
4.4. Conformed copy of the Indenture dated as of March 15, 1988 between the Company and The Bank of New York, incorporated by reference to Exhibit 4.1(a) to the Company's Current Report on Form 8-K dated March 21, 1989.
4.5. Copy of the form of Global Security representing the Company's 8 7/8% Notes due August 15, 1999, incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K dated August 14, 1989.
4.6. Copy of the form of Global Security representing the Company's 9 1/8% Notes due February 1, 2001, incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K dated February 6, 1991.
4.7. Proposed form of Debt Warrant Agreement for Warrants attached to Debt Securities, with proposed form of Debt Warrant Certificate incorporated by reference to Exhibit 4.2 to the Company's Registration Statement on Form S-3
(File no. 33-53366) originally filed with the Securities and Exchange Commission (the "Commission") on October 16, 1992, as amended by Amendment No. 1 thereto, filed with the Commission on February 23, 1993 (the "1993 Form S-3").
4.8. Proposed form of Debt Warrant Agreement for Warrants not attached to Debt Securities, with proposed form of Debt Warrant Certificate incorporated by reference to Exhibit 4.3 to the 1993 Form S-3.
The Company undertakes to furnish to the Commission, upon request, a copy of each instrument defining the rights of holders of certain privately placed long-term debt securities aggregating $100,000,000 of the Company not filed herewith. The total amount of debt securities issued under such instruments does not exceed 10% of the total consolidated assets of the Company.
10. Material Contracts.
10.1. The Restated 1981 Stock Option Plan of The Limited, Inc., incorporated by reference to Exhibit 28(b) to the Company's Registration Statement on Form S-8 (File No. 33-18533) (the "Form S-8").
10.2. The 1987 Stock Option Plan of The Limited, Inc., incorporated by reference to Exhibit 28(a) to the Form S-8.
10.3. Officers' Benefits Plan incorporated by reference to Exhibit 10.4 to the Company's Annual Report on Form 10-K for the fiscal year ended January 28, 1989 (the "1988 Form 10-K").
10.4. The Limited Deferred Compensation Plan incorporated by reference to Exhibit 10.4 to the 1990 Form 10-K.
10.5. Form of Indemnification Agreement between the Company and the directors and officers of the Company, incorporated by reference to Exhibit A to the Company's definitive proxy statement dated April 18, 1988 for the Company's 1988 Annual Meeting of Shareholders held May 23, 1988.
10.6. Schedule of directors and officers who became parties to Indemnification Agreements effective May 23, 1988, incorporated by reference to Exhibit 19.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended October 29, 1988.
10.7. Supplemental schedule of officer who became a party to an Indemnification Agreement effective May 23, 1988 incorporated by reference to Exhibit 10.7 to the 1988 Form 10-K.
10.8. Supplemental schedule of directors and officers who became parties to Indemnification Agreements incorporated by reference to Exhibit 19.1 to the
Company's Quarterly Report on Form 10-Q for the quarter ended August 1, 1992.
10.9. Supplemental schedule of officer who became party to an Indemnification Agreement effective November 16, 1992.
10.10 Supplemental schedule of officer who became party to an Indemnification Agreement effective June 3, 1993, incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended July 31, 1993.
10.11 The 1993 Stock Option and Performance Incentive Plan of the Company, incorporated by reference to Exhibit 4 to the Company's Registration Statement on Form S-8 (File No. 33-49871).
11. Statement re Computation of Per Share Earnings.
12. Statement re Computation of Ratio of Earnings to Fixed Charges.
13. Excerpts from the 1993 Annual Report to Shareholders.
22. Subsidiaries of the Registrant.
23. Consent of Independent Accountants.
24. Powers of Attorney.
99. Annual Report of The Limited, Inc. Savings and Retirement Plan.
(b) Reports on Form 8-K. -------------------
No reports on Form 8-K were filed during the fourth quarter of fiscal year 1993.
(c) Exhibits. --------
The exhibits to this report are listed in section (a)(3) of Item 14 above.
(d) Financial Statement Schedules. -----------------------------
The financial statement schedules filed with this report are listed in section (a)(2) of Item 14 above.
SIGNATURES
Pursuant to the requirements of Section 13 or l5(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: April __, 1994
THE LIMITED, INC. (registrant)
By /s/ KENNETH B. GILMAN ------------------------------- Kenneth B. Gilman, Vice Chairman and Chief Financial Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on April __, 1994:
Signature Title --------- -----
/s/ LESLIE H. WEXNER* Chairman of the Board of Directors, - - ---------------------------- Leslie H. Wexner President and Chief Executive Officer
/s/ KENNETH B. GILMAN Director, Vice Chairman, - - ---------------------------- Kenneth B. Gilman Chief Financial Officer and Principal Accounting Officer
/s/ MICHAEL A. WEISS * Director and Vice Chairman - - ----------------------------- Michael A. Weiss
/s/BELLA WEXNER* Director - - ----------------------------- Bella Wexner
/s/ MARTIN TRUST* Director - - ----------------------------- Martin Trust
/s/ E. GORDON GEE* Director - - ----------------------------- E. Gordon Gee
/s/ THOMAS G. HOPKINS* Director - - ----------------------------- Thomas G. Hopkins
/s/ DAVID T. KOLLAT* Director - - ----------------------------- David T. Kollat
/s/ CLAUDINE MALONE* Director - - ----------------------------- Claudine Malone
/s/ JOHN K. PFAHL* Director - - ----------------------------- John K. Pfahl
/s/ DONALD B. SHACKELFORD* Director - - ----------------------------- Donald B. Shackelford
/s/ ALLAN R. TESSLER* Director - - ----------------------------- Allan R. Tessler
/s/ RAYMOND ZIMMERMAN* Director - - ----------------------------- Raymond Zimmerman
*The undersigned, by signing his name hereto, does hereby sign this report on behalf of each of the above-indicated directors of the registrant pursuant to powers of attorney executed by such directors.
By /s/ KENNETH B. GILMAN --------------------------- Kenneth B. Gilman Attorney-in-fact
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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THE LIMITED, INC. (exact name of registrant as specified in its charter)
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FINANCIAL STATEMENT SCHEDULES
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(LOGO OF COOPERS & LYBRAND APPEARS HERE)
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders of The Limited, Inc.
We have audited the consolidated financial statements of The Limited, Inc. and Subsidiaries as of January 29, 1994, and January 30, 1993, and for each of the three fiscal years in the period ended January 29, 1994, which financial statements are included on pages 72 through 84 of the 1993 Annual Report to Shareholders of The Limited, Inc. and incorporated by reference herein. We have also audited the financial statement schedules for each of the three fiscal years in the period ended January 29, 1994, listed in Item 14(a)(2) of this Form 10-K. These financial statements and financial statement schedules are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and financial statement schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of The Limited, Inc. and Subsidiaries as of January 29, 1994 and January 30, 1993, and the consolidated results of their operations and their cash flows for each of the three fiscal years in the period ended January 29, 1994 in conformity with generally accepted accounting principles. In addition, in our opinion, the financial statement schedules for each of the three fiscal years in the period ended January 29, 1994 referred to above, when considered in relation to the basic financial statements taken as a whole, present fairly, in all material respects, the information required to be included therein.
/s/ Coopers & Lybrand
COOPERS & LYBRAND
Columbus, Ohio February 14, 1994
Schedule V ---------- THE LIMITED, INC. AND SUBSIDIARIES PROPERTY, PLANT AND EQUIPMENT FOR THE FISCAL YEARS ENDED JANUARY 29, 1994, JANUARY 30, 1993 AND FEBRUARY 1, 1992 (IN THOUSANDS)
Schedule VI ----------- THE LIMITED, INC. AND SUBSIDIARIES ACCUMULATED DEPRECIATION AND AMORTIZATION OF PROPERTY, PLANT AND EQUIPMENT FOR THE FISCAL YEARS ENDED JANUARY 29 1994, JANUARY 30, 1993 AND FEBRUARY 1, 1992 (IN THOUSANDS)
Schedule VIII ------------- THE LIMITED, INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS FOR THE FISCAL YEARS ENDED JANUARY 29, 1994, JANUARY 30, 1993 AND FEBRUARY 1, 1992 (IN THOUSANDS)
(A) - Write-offs, net of recoveries
Schedule IX ----------- THE LIMITED, INC. AND SUBSIDIARIES SHORT-TERM BORROWINGS FOR THE FISCAL YEARS ENDED JANUARY 29, 1994, JANUARY 30, 1993 AND FEBRUARY 1, 1992 (IN THOUSANDS)
(1) The average amount outstanding during the period was computed by dividing the sum of the daily principal balances by the number of days outstanding.
(2) The weighted average interest rate during the period was computed by dividing the actual interest expense by the related average short-term borrowings outstanding.
EXHIBIT INDEX -------------
Exhibit No. Document - - ----------- ------------------------------------------------
11 Statement re Computation of Per Share Earnings.
12 Statement re Computation of Ratio of Earnings to Fixed Charges.
13 Excerpts from the 1993 Annual Report to Shareholders.
21 Subsidiaries of the Registrant
23 Consent of Independent Accountants.
24 Powers of Attorney.
99 Annual Report of The Limited, Inc. Savings and Retirement Plan.