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LTD » Topics » 2003 COMPARED TO 2002

This excerpt taken from the LTD 10-K filed Apr 8, 2005.

2003 COMPARED TO 2002

 

In 2003, the general, administrative and store operating expense rate decreased to 25.6% from 26.3% in 2002. The decrease in the general, administrative and store operating expense rate was primarily driven by the ability to leverage expenses on comparable store sales increases of 8% at Bath & Body Works and 4% at Victoria’s Secret. The general, administrative and store operating expense rate at the apparel businesses was about flat for the year.

 

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