Wednesday, Talbots, Inc. (TLB) reported second-quarter GAAP net loss of $24.49 million or $0.45 per share, compared with a loss of $25.01 million or $0.47 per share, a year ago.
Net loss from continuing operations was $20.48 million or $0.38 per share, including restructuring and impairment charges of $2.9 million, or $0.05 per share, compared with last year's net loss of $11.95 million or $0.22 per share, including restructuring and impairment charges of $2.5 million or $0.05 per share.
The company's adjusted net loss from continuing operations excluding restructuring and impairment charges was $17.6 million or $0.33 per share, in comparison with a net loss of $9.4 million or $0.17 per share on a comparable basis in the prior-year quarter.
Talbots also reported second-quarter total sales from continuing operations of $304.64 million, down from $395.21 million in the previous year. Comparable store sales were down 24.9% for the thirteen week period.
On average, analysts polled by Thomson Reuters expected a loss of $0.52 per share for the quarter on sales of $309.34 million. Analysts' estimate typically excludes one-time items.
Looking ahead, the company currently expects to report a loss from continuing operations in the third quarter of approximately $0.24 to $0.30 per share, excluding restructuring and impairment charges. This anticipated result is based on a top-line sales decline estimate in the range of approximately 14% - 17%. Wall Street analysts forecast a loss of $0.31 per share for the third quarter.
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