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Talbots Q3 sales in line with revised expectations

10
Dec '10
The Talbots Inc reported results for the third quarter and year-to-date period ended October 30, 2010 and commented on its outlook for the fourth quarter and fiscal year 2010.

Third quarter income from continuing operations was $17.0 million or $0.24 per share, compared to last year's income from continuing operations of $15.5 million, or $0.28 per share.

Adjusted third quarter income from continuing operations, excluding special items of $1.7 million, or $0.03 per share, was $18.7 million, or $0.27 per share, compared to last year's adjusted income from continuing operations of $17.2 million, or $0.31 per share.

Trudy F. Sullivan, Talbots President and Chief Executive Officer, said, "We achieved third quarter sales which were in line with our revised expectations and adjusted earnings results at the high end of our originally anticipated range. We saw continued improvement in gross margin, largely driven by higher merchandise margins. Importantly, during the quarter, we launched our segmentation strategy and store re-image program in addition to our enhanced marketing campaign. All of these key initiatives are designed to generate sales growth and productivity gains over time."

Ms. Sullivan concluded, "Our customer traffic and sales demand from Thanksgiving through Cyber Monday improved greatly, however, we believe the challenging and promotional environment will continue. To that end, we will stay nimble and have appropriately enhanced our promotional activity to best position ourselves for the remainder of this holiday season, effectively managing our inventory, while preserving the integrity and health of our brand. As we look forward, we believe it is prudent to be conservative in our near-term outlook, but we remain confident in our overall strategy and our ability to achieve our long-term objectives."

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The Talbots Inc


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