Talbots Sees 1Q Sales Increase 13 Percent
Catalog sales were up 10 percent to $45.7 million from $41.5 million in the year-earlier period, and retail sales were up 13 percent to $225.8 million from $199.2 million in first-quarter 1997. Included in retail store sales was a 7.7 percent increase in comparable store sales for the period.
Net income was $14.5 million, down 12 percent from $16.5 million for the same period last year, but on the high end of expectations for the quarter.
"The primary driver of these better-than-anticipated results was the strong acceptance of our new spring merchandise," said Arnold B. Zetcher, Talbots president and CEO. "This response to our new spring offerings has been encouraging and we believe it indicates that our focus on true classic styling is being well-received by our customers."