Talbots Down 22% In Pre-Market (TLB)

Talbots, Inc. TLB is down sharply this morning, over 20% after the women's clothing retailer reported weaker than expected guidance for 2011, sending shares plummeting. The company reported earnings of 24 cents a share in the latest quarter. Talbots said it sees 2011 earnings coming in at 70-78 cents per share, as opposed to a forecast it previously had of 84-92 cents per share. "We believe the challenging and promotional environment will continue. To that end, we will stay nimble and have appropriately enhanced our promotional activity to best position ourselves for the remainder of this holiday season," said CEO Trudy Sullivan. At last check, shares of TLB were off $2.59 to $8.880, a loss of nearly 23%.