Q. Can I expect my shares of Limited Brands Inc. to continue to do well? — BB, via the Internet

A. There are few limitations ahead for this retailer, whose portfolio of stores includes the dominant specialty retailers Victoria's Secret and Bath & Body Works.

Victoria's Secret holds more than one-fourth of the US intimate apparel market, while Bath & Body Works is a force in the personal care industry.

Retailers of all types and sizes have begun to copy product lines of both of these offerings and their domestic market seems saturated. However, international expansion is expected to provide future momentum.

Shares of Limited Brands are up 11 percent this year following last year's 98 percent increase.

Recent leading products for the company have been the Miraculous bra and Twilight Woods fragrances. Overall sales and profits continue to exceed the company's own forecasts, thanks to an improving product mix and the ability to hold the line on prices of its more popular items.

There's also a growing belief that the retailing industry will see a brighter 2010.

Consensus rating on shares of Limited Brands among analysts is between a "buy" and a "hold", according to Thomson Reuters. That consists of three "strong buys", four "buys", 11 "holds" and one "underperform".

Limited Brands also includes White Barn Candle Co., CO Bigelow, Pink and Henri Bendel. It is a wheeler-dealer, having purchased the Canadian-based La Senza intimate apparel firm in 2006 and then selling its Express and Limited apparel stores in 2007. Over the years, it has sold off other concepts, such as Abercrombie & Fitch and Tween Brands.

The size and diversity of Limited Brands increases its efficiency and gives it the ability to deal effectively with mall landlords.

It sells merchandise through 3,000 retail outlets, as well as mail order and Internet. Another of its operations is Mast Industries, an apparel importer that supplies merchandise to the company and to third parties.

Chairman and CEO Leslie Wexner founded Limited Brands in 1963 and has been in charge ever since. He and his wife, director Abigail Wexner, together own about 20 percent of the shares outstanding. While the company has added debt, it has the ability to make its interest payments.

Andrew Leckey answers questions only through the column. Address inquiries to Andrew Leckey, 555 N Central Ave., Suite 302, Phoenix, Arizona 85004-1248, or by e-mail at andrewinv@aol.com

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