Talbots reports third quarter loss
HINGHAM, Mass. Talbots today announced a net loss of $9.4 million or 18 cents per share for the third quarter ended Nov. 3. This result compares to a net income of $8.1 million or 15 cents per share for the same period last year.
The company reported total consolidated sales for the 13-week period were $556 million. By brand, retail store sales were $366 million for Talbots compared to $383 million last year, and were $81 million for J. Jill compared to $77 million last year.
Total company comparable-store sales declined 7.9% for the third quarter. By brand, comparable store sales for Talbots decreased 8.2% and declined 6.5% for the J. Jill brand.
Trudy Sullivan, Talbots president and ceo, commented, “Although our third quarter results were better than previously anticipated, we are still disappointed in this performance. The improvement to our earlier guidance was driven by a combination of tight expense management at both brands and better than expected sales and gross margin for our J. Jill brand.”
Talbots reported that total consolidated company net loss for the 39-week period ended Nov. 3 was $17.5 million or 33 cents per share, compared to net income of $31.6 million or 59 cents per share for the same period last year.
Total consolidated company sales were $1.7 billion for the 39 weeks ended Nov. 3. By brand, retail store sales were $1.15 billion for Talbots and $242 million for J. Jill.
Total company comparable-store sales declined 5.4% for the 39-week period. By brand, comparable-store sales for Talbots decreased 5.6% and J. Jill’s comparable-store sales declined 4%.
The company reconfirmed its previously announced outlook for the fourth quarter to be a loss per share in the range of 5 cents to 10 cents. This result compares to breakeven net income per share in the fourth quarter last year. As previously stated, the company’s consolidated fourth quarter comp expectation is in the range of negative mid-single digits, with Talbots down mid-single digits, and J. Jill flat to slightly up.