Talbots improves quarterly earnings
HINGHAM, Mass. Talbots reported that adjusted fourth quarter income from continuing operations increased to $7.4 million, or 13 cents per diluted share, compared with last year’s adjusted loss from continuing operations of $123.4 million, or $2.30 per share.
On a reported (GAAP) basis, fourth quarter loss from continuing operations was $1.5 million, or 3 cents per share, compared with last year’s loss from continuing operations of $131.3 million, or $2.45 per share.
“We delivered a strong fourth quarter, capping off a successful year of tremendous change and innovation. Our strategic transformation – re-energizing our brand, modernizing our merchandise, streamlining our organization and improving our business processes – firmly positions us for future growth and profitability,” said Trudy Sullivan, Talbots president and CEO.
Total sales from continuing operations decreased 3.7% to $315.9 million, compared with $327.9 million last year. Comparable-store sales declined 7.2% in the quarter.
Adjusted full year loss from continuing operations was $5.5 million, or 10 cents per share, compared to last year’s adjusted loss from continuing operations of $118.9 million, or $2.25 per share, the company reported.
On a reported (GAAP) basis, fiscal year 2009 loss from continuing operations was $25.3 million, or 47 cents per share, compared with last year’s loss from continuing operations of $139.5 million, or $2.63 per share.
Total net sales from continuing operations were $1.2 billion for the fifty-two week period, compared with $1.5 billion last year. Comparable-store sales declined 19.3% for the fifty-two week period.
For the full year 2010, the company anticipates a top-line sales increase in the range of approximately 3% to 5% compared with the prior year period. Adjusted operating income, excluding restructuring, impairment and merger costs, is anticipated to be in the range of approximately 5% to 6% of sales.
For the first quarter 2010, the company anticipates a top line sales increase in the range of 4% to 5% compared with the prior-year period. Adjusted operating income, excluding restructuring, impairment and merger costs, is anticipated to be in the range of approximately 4.5% to 6% of sales.