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Talbots Holds Prices, Increases Earnings

Retailer says it will step up its new-store expansion program

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The Talbots Inc. (Hingham, Mass.) has announced an 18 percent increase in second quarter earnings for the period ending Aug. 3, 2002.

Though retail store sales decreased by 3 percent and same-store sales fell 10.2 percent, the company attributed the earnings hike to “better-than-expected regular-price selling of our late summer and early fall merchandise,” according to chairman and ceo Arnold Zetcher. The retailer had enjoyed 15 consecutive quarters of earnings increases prior to a slip in the first quarter of 2002. “We are pleased to return to a growth mode,” Zetcher said. “Due to our improved performance during the second quarter, we were able to offset the first quarter's entire drop in earnings per share.”

Zetcher insisted that the operator of 846 stores in the U.S., Canada and the U.K. remains in a growth mode. “We opened 18 new stores during the quarter,” he said. “Based on our strong financial position, we are also able to take advantage of some favorable real estate opportunities and are therefore increasing our store expansion plan to 91 new stores this year, up from our original plan of 85. We currently expect to operate approximately 886 stores by the end of fiscal 2002.”

He also said the company was on track to introduce its Talbots Mens line in a 24-page catalog.

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