Blaming hurricanes and a later Labor Day, Hingham, MA-based apparel cataloger/retailer The Talbots (NYSE: TLB) reported sagging sales of full-priced merchandise, which resulted in lower net income.
Net income fell 20% to $27.6 million for the quarter ended Oct. 30, compared to $34.8 million last year. As previously announced, Talbots’ third quarter results include a $4.4 million tax benefit from a positive resolution with the Joint Committee on Taxation of prior years’ income tax issues.
Total company sales increased 3% to $421.2 million, compared with $408.2 million last year. But catalog sales fell 6%, to $59.7 million from $63.2 million last year. Retail store sales increased 5%, to $361.5 million from $345.0 million last year. Comparable store sales were flat with last year.