UPDATE: Talbots Swings To First-Quarter Profit

The Talbots Inc TLB released its results for the first- quarter on Tuesday. Talbots reported its quarterly income from continuing operations at $0.9 million, or $0.01 per share, versus last year's loss from continuing operations of $7.1 million, or $0.12 per share. Its adjusted quarterly income from continuing operations came in at $5.3 million, or $0.08 per share, versus last year's adjusted income from continuing operations of $21.7 million, or $0.38 per share. Talbots' net sales dropped 6.0% y/y to $301.3 million, from $320.7 million. However, analysts were expecting earnings of $0.03 per share on revenue of $306.26 million. Its consolidated comparable sales fell 7.7%. Talbots' store sales declined 6.5% to $240.8 million, from $257.6 million, in the year-ago period. Its comparable store sales fell 8.2% in the first quarter of 2011, excluding stores scheduled to close under the Company's store rationalization plan. Trudy F. Sullivan, Talbots President and Chief Executive Officer, commented, “Our first quarter performance reflects an inconsistent customer response to our merchandise assortments, a challenging competitive environment and high levels of promotional activity. Although we did see a positive customer reaction to our March brand moment, our February and April brand moments underperformed and sales in each month of the quarter decreased year over year.” Talbots' shares dropped 14.03% to $3.80 in pre-market trading. Read more from Benzinga's Company news.