EXHIBIT 99.1

LIMITED BRANDS, INC.
CAUTIONARY STATEMENTS RELATING TO FORWARD-LOOKING INFORMATION

The Company and its representatives may, from time to time, make written or
verbal forward-looking statements. Those statements relate to developments,
results, conditions, or other events the Company expects or anticipates will
occur in the future. Without limiting the foregoing, those statements may relate
to future revenues, earnings, store openings, market conditions, and the
competitive environment. Forward-looking statements are based on management's
then-current views and assumptions and, as a result, are subject to risks and
uncertainties, including those described below, which may be outside of the
Company's control and that could cause actual results to differ materially from
those projected. The following risks are not the only ones facing the Company
and additional risks and uncertainties may also develop that impair the
Company's business operations.

All forward-looking statements are qualified by the following which, if they
develop into actual events, would have a material adverse effect on the
Company's business, financial condition or results of operations. In addition,
investors in the Company should consider the following risk factors, as well as
the other information contained herein.

The Company's revenue and profit results are sensitive to general economic
conditions, consumer confidence and spending patterns.

     The Company's growth, sales and profitability may be adversely affected by
negative local, regional, national or international economic trends that shake
consumer confidence, including the effects of war, terrorism or the threat
thereof. Purchases of women's and men's apparel, women's intimate apparel,
personal care products and accessories often decline during periods when
economic or market conditions are unsettled or weak. In such circumstances, the
Company may increase the number of promotional sales, which would further
adversely affect its profitability.

The Company's net sales, operating income and inventory levels fluctuate on a
seasonal basis.

     The Company experiences major seasonal fluctuations in its net sales and
operating income, with a significant portion of its operating income typically
realized during the fourth quarter holiday season. Any decrease in sales or
margins during this period could have a disproportionate effect on the Company's
financial condition and results of operations.

     Seasonal fluctuations also affect the Company's inventory levels, since it
usually orders merchandise in advance of peak selling periods and sometimes
before new fashion trends are confirmed by customer purchases. The Company must
carry a significant amount of inventory, especially before the holiday season
selling period.

     If the Company is not successful in selling inventory during the holiday
period, it may have to sell the inventory at significantly reduced prices or it
may not be able to sell the inventory at all.

The Company may be unable to compete favorably in its highly competitive segment
of the retail industry.

     The sale of intimate and other apparel, personal care products and
accessories is highly competitive. Increased competition could result in price
reductions, increased marketing expenditures and loss of market share, all of
which could have a material adverse effect on the Company's financial condition
and results of operations.

     The Company competes for sales with a broad range of other retailers,
including individual and chain fashion specialty stores and department stores.
In addition to the traditional store-based retailers, the Company also competes
with direct marketers that sell similar lines of merchandise, who target
customers through catalogs and e-commerce. Direct marketers also include
traditional store-based retailers like the Company who are competing in the
catalog and e-commerce distribution channels. The Company's direct response
business competes with numerous national and regional catalog and e-commerce
merchandisers. Brand image, marketing, fashion design, price, service, quality
image presentation and fulfillment are all competitive factors in catalog and
e-commerce sales.



     Some of the Company's competitors may have greater financial, marketing and
other resources available to them. In many cases, the Company's primary
competitors sell their products in department stores that are located in the
same shopping malls as the Company's stores. In addition to competing for sales,
the Company competes for favorable site locations and lease terms in shopping
malls.

The Company may not be able to keep up with fashion trends and may not be able
to launch new product lines successfully.

     The Company's success depends in part on management's ability to
effectively anticipate and respond to changing fashion tastes and consumer
demands and to translate market trends into appropriate, saleable product
offerings far in advance. Customer tastes and fashion trends change rapidly. If
the Company is unable to successfully anticipate, identify or react to changing
styles or trends and misjudges the market for its products or any new product
lines, the Company's sales will be lower and it may be faced with a significant
amount of unsold finished goods inventory. In response, the Company may be
forced to increase its marketing promotions or price markdowns, which could have
a material adverse effect on its business. The Company's brand image may also
suffer if customers believe merchandise misjudgments indicate that the Company
is no longer able to offer the latest fashions.

The Company may lose key personnel.

     The Company believes that it has benefited substantially from the
leadership and experience of its senior executives, including Leslie H. Wexner
(its Chairman of the Board of Directors and Chief Executive Officer). The loss
of the services of any of these individuals could have a material adverse effect
on the business and prospects of the Company. The Company's future success will
also depend on its ability to recruit, train and retain other qualified
personnel. Competition for key personnel in the retail industry is intense.

The Company's manufacturers may be unable to manufacture and deliver products in
a timely manner or meet quality standards.

     The Company purchases apparel through its wholly owned subsidiary, Mast, a
contract manufacturer and apparel importer, as well as through other contract
manufacturers and importers and directly from third-party manufacturers.
Personal care, fragrance and beauty products are also purchased through other
contract manufacturers and importers and directly from third-party
manufacturers. Similar to most other specialty retailers, the Company has narrow
sales windows for much of its inventory. Factors outside the Company's control,
such as manufacturing or shipping delays or quality problems, could disrupt
merchandise deliveries and result in lost sales, cancellation charges or
excessive markdowns.

The Company relies significantly on foreign sources of production.

     The Company purchases apparel merchandise directly in foreign markets and
in the domestic market, some of which is manufactured overseas. The Company does
not have any long-term merchandise supply contracts and many of its imports are
subject to existing or potential duties, tariffs or quotas. The Company competes
with other companies for production facilities and import quota capacity.

     The Company also faces a variety of other risks generally associated with
doing business in foreign markets and importing merchandise from abroad, such
as:

     .    political instability;

     .    imposition of new legislation relating to import quotas that may limit
          the quantity of goods which may be imported into the United States
          from countries in a particular region;

     .    imposition of duties, taxes, and other charges on imports;

     .    currency and exchange risks;



     .    local business practice and political issues, including issues
          relating to compliance with domestic or international labor standards
          which may result in adverse publicity; and

     .    potential delays or disruptions in shipping and related pricing
          impacts

     New initiatives may be proposed that may have an impact on the trading
status of certain countries and may include retaliatory duties or other trade
sanctions which, if enacted, would increase the cost of products purchased from
suppliers in such countries.

     In addition, the recent outbreak of severe acute respiratory syndrome
(SARS) in the People's Republic of China and concerns over its spread in Asia
and elsewhere could have a negative effect on the economies, financial markets
and business activity in Asia and elsewhere. The Company's purchases of
merchandise from Asian manufacturing operations may be affected by this risk.

     The future performance of the Company will depend upon these and the other
factors listed above which are beyond its control. These factors may have a
material adverse effect on the business of the Company.

The Company depends on a high volume of mall traffic and the availability of
suitable lease space.

     Many of the Company's stores are located in shopping malls. Sales at these
stores are derived, in part, from the high volume of traffic in those malls. The
Company's stores benefit from the ability of the mall's "anchor" tenants,
generally large department stores, and other area attractions to generate
consumer traffic in the vicinity of its stores and the continuing popularity of
malls as shopping destinations. Sales volume and mall traffic may be adversely
affected by economic downturns in a particular area, competition from non-mall
retailers and other malls where the Company does not have stores and the closing
of anchor department stores. In addition, a decline in the desirability of the
shopping environment in a particular mall, or a decline in the popularity of
mall shopping among the Company's target consumers, would adversely affect its
business.

     Part of the Company's future growth is significantly dependent on its
ability to open new stores in desirable locations with capital investment and
lease costs that allow the Company to earn a reasonable return. The Company
cannot be sure as to when or whether such desirable locations will become
available at reasonable costs.

Increases in costs of mailing, paper and printing may affect our business.

     Postal rate increases and paper and printing costs will affect the cost of
the Company's order fulfillment and catalog and promotional mailings. The
Company relies on discounts from the basic postal rate structure, such as
discounts for bulk mailings and sorting by zip code and carrier routes. Future
paper and postal rate increases could adversely impact the Company's earnings if
it was unable to pass such increases directly onto its customers or offset such
increases by raising prices or by implementing more efficient printing, mailing,
delivery and order fulfillment systems.

The Company's stock price may be volatile.

     The Company's stock price may fluctuate substantially as a result of
quarter to quarter variations in the actual or anticipated financial results of
the Company or other companies in the retail industry or markets served by the
Company. In addition, the stock market has experienced price and volume
fluctuations that have affected the market price of many retail and other stocks
and that have often been unrelated or disproportionate to the operating
performance of these companies.