The Talbot’s Inc. (NYSE: TLB) reported third-quarter earnings this morning and the news was not pretty. The company posted an adjusted EPS loss of -$0.22, compared with a consensus estimate of an EPS loss of -$0.16. On a GAAP basis, the EPS loss was -$0.32. Talbot’s third quarter ended on October 29th.
Same-store sales fell by -4% in November, even though the company’s CEO said that stores “experienced a strong Black Friday and Cyber Monday and have seen improved customer traffic and strong conversion thus far in the fourth quarter.”
In the first nine months of this fiscal year Talbot’s has closed 35 store locations and plans to close a total of 110 locations by the end of its 2013 fiscal year.
As for the company’s fourth quarter outlook, here’s what the earnings release says:
The Company expects high levels of promotional and markdown activity to continue throughout the fourth quarter, resulting in an expected increase in cost of sales, buying and occupancy as a percent of net sales of approximately 600 to 800 basis points compared to the same period last year.
That is not an encouraging forecast.
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