The Talbots Inc. posted net sales of $391.3 million for the quarter ended May 4, down 2% from the $401.1 million reported for the same period in 2001.
Retail store sales were $321.7 million, compared to $323.1 million last year. Catalog sales were down 11% to $69.6 million from $78.0 million, partially due to planned reductions in circulation.
Net income in the first quarter was $35.0 million compared to $40.1 million in the first quarter last year.
“Softness” in Talbots’ dress and structured suit business, as well as a weak start to the March mid-season sale, had an impact on the quarter’s results, Arnold B. Zetcher, CEO of the Hingham, MA-based company said in a statement.
The company plans to open 85 new stores this year. Talbots operates 837 stores, and expects to circulate 50 million catalogs in fiscal 2002.
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