Talbots jumps, Q1 profit falls on restructuring charges but beats the Street
Shares of Talbots, Inc. (NYSE:TLB) leaped ahead of the opening bell after the women’s retailer this morning posted first-quarter earnings that fell from a year ago on account of restructuring charges, but when excluding such charges beat the consensus on Wall Street.
The company said it made “significant” progress during the quarter closing Talbots Kids, Mens and U.K. stores, which it expects to complete in the third quarter.
While earnings beat, revenues clocked in just shy of the Street. Total comparable store sales declined 9.8% for the quarter.
Shares jumped 21%, or $1.56, to $9 ahead of the bell. For detailed price information and recent news stories about Talbots, click TLB.
