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Talbots Q1 profit declines, warns on Q2
17 May '06
3 min read
Women's clothing retailers The Talbots Inc announced results for the thirteen-week period ended April 29th 2006 compared to the thirteen-week period ended April 30th 2005.
The net sales for the quarter increased 1 percent to $453.0 million from $446.5 million reported for the thirteen weeks ended April 30th 2005. Retail store sales increased 2 percent to $384.9 million this year compared to $378.1 million last year. Included in retail sales was a 0.9 percent increase in comparable store sales.
Direct marketing sales of $68.1 million were approx. even with the $68.4 million reported in the prior year period. The company's first quarter results do not include the acquisition of the J Jill Group, which was completed on May 3rd 2006.
Talbots net income for the first quarter was $27.4 million, compared to $34.5 million for the first quarter last year. Earnings per diluted share, including $0.03 in stock option expense, were $0.51.
Arnold Zetcher, Chairman, President and CEO, said, "We reported first quarter earnings per share in line with our recently updated outlook and the First Call consensus estimate. Total company comparable store sales increased modestly in the period and our direct marketing business, including catalog and Internet, was approximately even with last year. Sales trends in our Talbots Woman large size concept continued to be very strong throughout the entire quarter, with comparable store sales rising 10 percent. In addition, our Talbots Kids performance was healthy, with a combined March/April comp store gain of 9 percent."
The net sales for the quarter increased 1 percent to $453.0 million from $446.5 million reported for the thirteen weeks ended April 30th 2005. Retail store sales increased 2 percent to $384.9 million this year compared to $378.1 million last year. Included in retail sales was a 0.9 percent increase in comparable store sales.
Direct marketing sales of $68.1 million were approx. even with the $68.4 million reported in the prior year period. The company's first quarter results do not include the acquisition of the J Jill Group, which was completed on May 3rd 2006.
Talbots net income for the first quarter was $27.4 million, compared to $34.5 million for the first quarter last year. Earnings per diluted share, including $0.03 in stock option expense, were $0.51.
Arnold Zetcher, Chairman, President and CEO, said, "We reported first quarter earnings per share in line with our recently updated outlook and the First Call consensus estimate. Total company comparable store sales increased modestly in the period and our direct marketing business, including catalog and Internet, was approximately even with last year. Sales trends in our Talbots Woman large size concept continued to be very strong throughout the entire quarter, with comparable store sales rising 10 percent. In addition, our Talbots Kids performance was healthy, with a combined March/April comp store gain of 9 percent."
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