Talbots reports 1Q loss

HINGHAM, Mass. Talbots reported that first quarter net loss from continuing operations was $18.8 million or 35 cents per share, including restructuring and impairment charges of $6.4 million, or 12 cents per share, compared with last year’s net income of $18.5 million or 35 cents per share for the thirteen week-period ended May 3, 2008, including restructuring and impairment charges of $3.8 million or 7 cents per share.

Total sales from continuing operations for the thirteen weeks ended May 2 were $306.2 million compared with 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.

Talbots continues to approach the management of its business conservatively with lean inventories and ongoing disciplined cost management. The company expects to report a loss from continuing operations in the second quarter in the range of approximately 50 cents to 58 cents per share, excluding any restructuring and impairment charges.