The Talbots, Inc., retail chain (Hingham, Mass.) announced a 7.5 percent increase in net income for the third quarter 2000. The company realized $34.9 million for the period ended Oct. 28, 2000, as opposed to $20 million a year ago.
Total company sales for the quarter rose 23 percent, to $391.7 million compared to $317.3 million lastyear. Retail store sales increased 22 percent, and comparable store sales jumped 21 percent.
For the 39-week period, net income increased 90 percent, total company sales jumped 21 percent, retail store sales were up 20 percent, same store sales jumped 17.6 percent and catalog sales rose 23 percent.
"During the quarter, we opened 25 new stores, bringing our total number of stores to 704 at the end of the period," said Arnold B. Zetcher, chairman, president and ceo. "These store openings included eight Misses, 10 Petites, four Talbots Woman and three Talbots Kids stores. We remain on track to operate approximately 722 stores by the end of the fiscal year.
"Given the current momentum in our business," he continued, "we are accelerating our store expansion plan for the year 2001. At this time, we plan to open approximately 78 new stores next year, compared to the 55 planned for this year."
Talbots operates 709 stores selling women's apparel, shoes and accessories - 413 Talbots Misses stores (including 19 Talbots Misses stores in Canada and five Talbots Misses stores in the United Kingdom); 172 Talbots Petites stores, including one Talbots Petites store in Canada; 35 Talbots Accessories & Shoes stores; 57 Talbots Kids stores; 13 Talbots Woman stores; and 19 Talbots Outlet stores.