Talbots Posts 1Q Loss, To Cut 20 Percent Of Jobs

In February the retailer announced that it would cut 370 corporate-level jobs. The new cuts are on top of that.

Sales for the first quarter fell 26 percent to $306.2 million from $414.8 million as sales at stores open at least a year, or same-store sales, dropped 26.9 percent. Same-store sales are a key indicator of retailer performance since they measure growth at existing stores rather than newly opened ones.

On average, analysts expected revenue of $313.2 million.

Talbots predicted a second-quarter adjusted loss from continuing operations of about 50 cents to 58 cents per share.

Analysts forecast a second-quarter loss of 68 cents per share.

Talbots operated 586 name brand stores in 47 states, the District of Columbia and Canada at the end of the first quarter.