Talbots 1Q income down

HINGHAM, Mass. On a reported (GAAP) basis, Talbots reported first quarter net income of $1.6 million or 3 cents per share share, compared to reported net income of $5.2 million or 10 cents per share for the same period last year.

Total consolidated company sales for the quarter were $542 million. By brand, retail store sales were $363 million for Talbots compared to $387 million last year, and $71 million for J. Jill compared to $81 million last year.

Total company comparable-store sales declined 9.8% for the thirteen-week period. By brand, comparable store sales for Talbots and J. Jill decreased 7.4% and 20.2% respectively.

The company is maintaining its previously announced guidance for fiscal 2008 earnings from ongoing core operations, excluding Talbots Kids, Mens and U.K. operating results and close down costs, to be in the range of 47 cents to 52 cents per diluted share. The company is planning for a loss from its non core operations in the range of 64 cents to 59 cents per share, for a total loss per share in the range of 17 cents to 7 cents, compared to the $3.56 loss per share reported in fiscal 2007.