Talbots Inc. reported net income of $127 million for its fiscal year, a 10% increase over the $115.2 million reported one year ago.
While retail store sales were up 2% to $1.35 million from $1.33 million in 2000, catalog sales were down 1% to $266.5 million versus $269.0 million in 2000. The year ended Feb. 2.
Net income for the fourth quarter was $32.5 million, compared to $33 million in 2000. Net sales decreased 8% to $433.2 million, compared to $473.1 million. Catalog sales decreased 17% to $70.5 million from $85.4 million in the prior year. Retail store sales were down 6% to $362.7 million from $387.7 million last year.
“Looking at the full year, we are proud of our performance, but in particular of our ability to execute our business plan during an extraordinarily difficult and uncertain period,” said Arnold B. Zetcher, chairman, president and CEO, in a statement. “Although our comparable store sales declined 2.6% for the year, we grew total company sales 1% on top of a 22% increase last year. In addition, we maintained our traditional markdown schedule in an exceptionally promotional environment and tightly managed our expense and inventory levels.”
Hingham, MA-based Talbots plans to accelerate its store expansion program to 85 new store openings this year, and expects to launch Talbots Mens in late fall, the company’s first major new brand extension since 1998.
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