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Talbots brand April comps positive mid-single digits
22
May '08
The Talbots Inc announced results for the thirteen-week period ended May 3, 2008.

On a reported (GAAP) basis, net income for the first quarter was $1.6 million or $0.03 per share, compared to reported net income of $5.2 million or $0.10 per share for the thirteen-week period ended May 5, 2007.

Adjusted Results from Ongoing Core Operations:
First quarter net income from ongoing core operations was $11.0 million or $0.21 per share, excluding a net loss of $5.9 million, or approximately $0.11 per share related to the operations of Talbots Kids, Mens and U.K. non-core businesses, which are closing and excluding approximately $3.5 million ($5.2 million pre-tax), or $0.07 per share in restructuring charges associated with strategic initiatives related to its ongoing core operations. This result compares to last year's $0.14 per share on a comparable basis.

The Company believes that first quarter 2008 results from ongoing core operations are a more meaningful measure of its performance, versus its non-core operations which reflect businesses that are closing. See the attached tables for a reconciliation of GAAP and non-GAAP and comparison to prior year.

First Quarter Highlights:
• Achieved solid first quarter 2008 results from ongoing core operations of $0.21 per share, above last year's $0.14 per share on a comparable basis
• On-track to achieve 2008 financial outlook and deliver shareholder value
• Talbots brand April comps positive mid-single digits


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