Home / Knowledge / News / Fashion / Talbots to reduce its corporate headcount

Talbots to reduce its corporate headcount

Jun '09
Trudy F. Sullivan (Talbots President and CEO)
The Talbots Inc announced results for the first quarter ended May 2, 2009. The Company also announced that as part of its strategic long-range plan to streamline operations and rationalize its cost structure, it has taken additional actions to reduce its corporate headcount, moving the Company closer to achieving its goal of $150 million in expense savings.

On a reported (GAAP) basis, first quarter net loss from continuing operations was $18.8 million or $0.35 per share, including restructuring and impairment charges of $6.4 million, or $0.12 per share, compared to last year's net income of $18.5 million or $0.35 per share for the thirteen week-period ended May 3, 2008, including restructuring and impairment charges of $3.8 million or $0.07 per share.

Also included in the Company's first quarter net loss from continuing operations is a tax benefit in the amount of $10.6 million or $0.20 per share. In accordance with SFAS No.109, paragraph 140, the Company allocated a tax benefit to its loss from continuing operations, offset by a tax provision of an equal amount charged to other comprehensive income, a component of shareholder equity.

On an adjusted basis, including the tax benefit and excluding restructuring and impairment charges, the Company's first quarter net loss from continuing operations was $12.4 million or $0.23 per share, compared to last year's net income of $22.3 million or $0.42 per share on a comparable basis.

Total sales from continuing operations for the thirteen weeks ended May 2, 2009 were $306.2 million compared to last year's sales of $414.8 million. Retail store sales for the thirteen weeks were $256.4 million compared to $345.1 million last year. Comparable store sales declined 26.9% for the thirteen week period.

Direct marketing sales for the thirteen-week period were $49.8 million, including catalog and Internet, compared to $69.7 million last year.

Trudy F. Sullivan, Talbots President and Chief Executive Officer, commented, “We are making steady progress in implementing our strategic initiatives to better position our company for long-term success. This includes the announced signing of an asset sale agreement for J Jill, the opening of eight upscale outlet stores, and additional actions that will further contribute to achieving our goal of $150 million in annualized cost reduction.”

“Looking at our first quarter results, sales remained difficult and while in-line with our expectations, we are not satisfied. We did have a substantial rebound in merchandise margin from the fourth quarter, and believe our merchandise assortments are getting stronger in our key item categories, including casual knits, sweaters, pants and accessories. That said, we are working quickly to incorporate our learnings and make the appropriate adjustments to our overall merchandise mix. Inventories remained tightly managed and we ended the quarter down 21% per square foot compared to first quarter last year.”

Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 17th Aug 2019

EBA benefit withdrawal to hurt 4 mn Cambodians: GMAC

The Garment Manufacturers Association in Cambodia recently said the...

Pic: Infinited Fiber

Textiles | On 17th Aug 2019

Infinited Fiber receives lead investment from RGE

Singapore-based RGE Pte Ltd has joined a group of investors including ...

Pic: Macy's

Apparel/Garments | On 17th Aug 2019

Macy's net sales down to $5,546 mn in Q2 of 2019

Macy's Inc reported net sales of $5,546 million in Q2 of 2019 ending...

Interviews View All

Mandeep Nagi, Shades of India

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Pratik Bachkaniwala, Palod Himson Machines

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Top executives, Textile industry

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Gagan Gulati,

Gagan Gulati

PG Silk Mills Private Limited had a humble start with a hand-dyeing unit....

Sham Shah,

Sham Shah

Shamal and Shamal Pvt Ltd is into manufacturing and sales of textile...

Nuria Estape,

Nuria Estape

Archroma is a global colour and specialty chemicals company headquartered...

Luis Quijano, Liberty University

Luis Quijano
Liberty University

Focusing on bold patterns and colour palettes, Luis Quijano, a student at...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions & Vertriebs Gmbh, founded in 1978 and headquartered ...

Kevin Nelson, TissueGen

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Mike Hoffman, Gildan Activewear SRL

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

August 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Advanced Search