NEW YORK — With a bonus that was more than two-thirds greater than in fiscal 2001, Limited Brands Inc. chief executive officer Leslie Wexner saw his annual compensation soar in 2002.
According to a Securities and Exchange Commission filing released Friday, for the full fiscal year ended Feb. 1, Wexner took home salary and bonuses amounting to $4.4 million. That’s a 40.3 percent increase over last year’s compensation of $3.1 million. While Wexner’s salary increased only 6.8 percent to $1.5 million from $1.4 million a year ago, his bonus shot up 67.5 percent to $2.9 million from $1.7 million.
For the full fiscal year, Limited’s net income sank 3.3 percent to $501.7 million, or 96 cents a diluted share, versus income of $518.9 million, or $1.19, in 2001. Adjusting to eliminate the effects of the Lerner and Lane Bryant divestitures and the recombination with Intimate Brands, net income rose 28.2 percent to $528.2 million, or 99 cents, from $411.9 million, or 78 cents. Net sales for the year were $8.44 billion, up fractionally from $8.42 billion a year earlier. Excluding the adjustment, sales increased 6.5 percent from $7.93 billion a year earlier. Comps rose 3 percent for the year.
Wexner also received other compensation of $1,500, as well as $109,000 as part of an executive contribution plan. While he exercised no options in 2002, Wexner was granted 400,000 options at a strike price of $17.75. The options will begin to vest in four equal installments beginning on the first anniversary of the grant date, and will expire in 2012.