Talbots Inc. (TLB: Quote) reported that its fourth-quarter loss was $53.2 million, or $0.77 per share, compared to last year's loss of $2.8 million, or $0.04 per share.
Adjusted fourth quarter loss from continuing operations was $36.2 million, or $0.52 per share, excluding special items of $17.1 million, or $0.25 per share, compared to last year's adjusted loss from continuing operations of $9.6 million, or $0.14 per share.
Net sales decreased 1.1% to $289.4 million, compared to $292.6 million in the same period last year.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.56 per share on revenues of $268.87 million for the fourth-quarter. Analysts' estimates typically exclude special items.
Consolidated comparable sales, which includes stores, Internet, catalog and red-line sales, were approximately flat compared to the prior year, with both December and January positive at 1.6% and 3.2%, respectively.
The company said that it continues to expect to close approximately 110 locations in total, including 15 to 20 consolidations, through fiscal 2013. Approximately 30 locations are planned for closure through fiscal 2012 and into early fiscal 2013. The company noted that it will look to close additional stores opportunistically.
Pending that evaluation, the company said it will continue to pursue its long range plan. In addition, the Board of Directors continues its previously announced search for a successor President and Chief Executive Officer
First quarter total sales are expected to be approximately $272 million, down approximately 9.6% compared to the same period last year, due in part to the impact of fiscal 2011 store closings as a result of the Company's store rationalization plan. Six analysts have consensus revenue estimate of $ 283.99 million for the first-quarter.
First quarter to date consolidated comparable sales, which include stores, Internet, catalog and red-line sales, are down approximately 5.4%, which does not reflect the anticipated positive effect of the Easter shift later in April.
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by RTT Staff Writer
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