The Talbots Inc. (TLB) reported higher first-quarter income from continuing operations of $1.2 million, or $0.02 per share, compared with last year's $0.91 million, or $0.01 per share. Excluding special items of $4.8 million, or $0.07 per share, adjusted income from continuing operations improved to $6.0 million, or $0.09 per share, from $5.3 million, or $0.08 per share a year ago.
Quarterly net sales totaled $275.92 million, an increase from $301.31 million in the comparable period in 2011.
On average, 7 analysts polled by Thomson Reuters expected loss per share of $0.02 on $272.54 million revenue for the quarter. Analysts' estimates typically exclude one-time items.
Chief Executive Officer stated, "We are pleased to have achieved profitability in the first quarter, driven by improved merchandise margin compared to the prior year period as well as strong inventory and expense management. Overall, we continue to focus on further enhancing our product, re-engaging with our core customer and executing our key strategic initiatives as the Board continues to actively explore a full range of strategic alternatives."
Separately, the company said that the exclusivity deal with Sycamore Partners, which was executed on May 5, 2012 and twice extended through May 24, 2012, has expired. The company remains open to pursuing a transaction with Sycamore Partners at $3.05 per share pursuant to an acceptable merger agreement providing for an appropriate level of closing certainty and supported by firm debt and equity financing commitments.
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