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Women's clothing company to close 75-100 stores by 2013

07 Oct '10

5 min read

The Talbots, Inc. announced that it will provide an update on the Company's strategic initiatives, key growth opportunities, and three-year financial outlook at its 2010 Investor Meeting being held today in New York City. The Company also today provided an update on its third quarter and full year fiscal 2010 outlook.

Trudy F. Sullivan, Talbots President and Chief Executive Officer, said, “We have made steady progress in turning around the Company over the past few years and we have established a strong track record of meeting our objectives.

“Looking forward, we will continue to build on our key initiatives and are expecting to capitalize on opportunities to generate strong top- and bottom-line growth. We are highly focused on the successful implementation of merchandise, marketing and in-store strategies that will enable us to acquire new customers and solidify our position with Talbots core customer. Further, we remain committed to operational excellence in all business execution and to ensuring we are delivering long-term shareholder value.”

To highlight Talbots turnaround execution and future growth opportunities at the Investor Meeting, the Company's brand, merchandising, marketing, real estate, supply chain, and information technology executives will discuss strategic initiatives in each of their business areas designed to enable Talbots to progress into a new stage of top-and bottom-line growth.

Three-Year Strategic Plan
Talbots has embarked on the next phase of its turnaround plan initiated in 2007. Today, Talbots continues to implement its strategic initiatives with significant improvements in its brand position, merchandise, marketing, and operating and capital structure. Talbots updated strategic plan begins with the Company's target customer, builds mechanisms to achieve growth, ensures Talbots has the right infrastructure and people to execute, and is expected to provide enhanced returns to shareholders.

The Company will focus on the following key areas:

• Understanding and meeting the needs of the target customer.
• Continuing to shift brand perception within the marketplace and with the consumer by investing in innovative marketing strategies.
• Accelerating the current business momentum and driving growth across all channels of the business through merchandising, store productivity, and direct channel initiatives.
• Driving operational excellence and discipline in all business execution through continued focus on inventory management and enhancements to the Company's supply chain and IT systems.
• Building a winning organization and culture.

Goals for Fiscal 2013

Based on successfully executing the Company's three-year strategic plan, management is targeting the following by the end of 2013:

• Total sales in the range of approximately $1.4 billion to $1.5 billion, which would represent a compounded annual growth rate (CAGR) of approximately 4% to 6% from expected 2010 results.

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