By and  on December 10, 2008

Cash is the metric of the moment.

Consider the state of mind of Limited Brands chairman and chief executive officer Leslie H. Wexner at the firm’s annual analyst update in October. So what if the market was tanking and sales were depressed practically industrywide? “I’m really in a good mood today,” said Wexner, with an air of irony, and it was largely because of the retailer’s balance sheet. He said Limited would end the year with $1 billion in cash and $1.3 billion in bank lines the company had no intention to use.

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