A 12% decline in catalog sales contributed to a slight falloff in fourth-quarter revenue for The Talbots Inc.
The Hingham, MA-based retailer reported overall sales of $431.5 million, compared with $431.8 million for the same period last year. Catalog sales fell to $60.2 million due to reduced inventory and circulation. Net income totaled $22 million versus $28.3 million during the same period in 2002.
Overall sales hit $1.6 billion in fiscal 2003, a 2% increase over the prior year. However, net income fell by 13% to $104.7 million. Catalog sales dropped by 3% to $239.4 million.
CEO Arnold Zetcher acknowledged said in a statement that the year was “somewhat challenging for our company in terms of sales.” But he argued that the firm’s “overall disciplined operating approach enabled us to sustain our healthy financial position and remain strongly profitable with net income at 6.4% of sales.”
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