Talbots Inc., the Hingham, Mass.-based retailer of women’s and children’s clothing, said first-quarter profit will miss analysts’ estimates, though a second-half pickup in sales will boost earnings at least 15 percent this fiscal year, Bloomberg News reported.
A rebound in the economy during the second half of the year will drive improved earnings growth, Chief Financial Officer Edward Larsen said on a recent conference call with analysts and investors. Fiscal first-quarter profit will be 63 cents to 65 cents a share, he said. That’s lower than the 66-cent average forecast from First Call.
Sales in the quarter ended Feb. 2 fell 2.3 percent to $433.2 million from $443.3 million a year earlier. Analysts polled by First Call forecast sales of $452.1 million. Same-store sales declined 5.5 percent. Talbots’ shares fell 63 cents to $33.37 in early afternoon trading.
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January sales at stores open at least a year rose 7.7 percent, partly because a February clearance sale was moved to January, Larsen said. Talbots will report complete results on March 13.
