Talbots to cut more jobs
Talbots Inc
Talbots, which is majority owned by Japan's Aeon Co Ltd <8267.T>, said the job cuts were part of its strategy to save $150 million annually.
Shares of the company rose 8 percent to $5.40 in morning trade on the New York Stock Exchange.
In February, the company said it would cut 370 corporate jobs, or 17 percent of its corporate headcount, reduce the hours of workers in its stores and call centers and suspend its matching contributions to employees' 401(k) retirement accounts, all in an attempt to save costs.
The latest job cuts, which include cancelling out open positions, will result in yearly savings of $21 million, the company said on Tuesday.
Q1 LOSS BELOW STREET VIEW
For the first quarter ended May 3, net loss from continuing operations was $18.8 million, or 35 cents a share, compared with a net profit of $18.5 million, or 35 cents a share a year ago.
But excluding items, Talbots posted a loss of 23 cents a share, while analysts on average were expecting a loss of 49 cents a share.
Sales dropped to $306.2 million, from $414.8 million in the same quarter a year ago.
Inventories were down 21 percent per square foot, helping offset weak sales.
- 1 China to launch stock exchange for smaller companies
- 2 Obama bringing hefty agenda on European trip
- 3 GM sees bankruptcy risk
- 4 For Wall Street, March is best month since 2002
- 5 North Korea missile consistent with satellite: U.S.
- 6 HK, Shenzhen agree on innovation plan
- 7 $6.6b Gov't deficit recorded
- 1 Fresh violence challenges Kyrgyzstan's leaders
- 2 Scenarios: Kyrgyz government tries to impose authority
- 3 Obama, Senate Dems forge ahead on financial reform
- 4 U.S. trying to help 40,000 Americans stranded in UK
- 5 EU's Juncker: mission to mull new Greek austerity
- 6 Scenarios: Charged. For Goldman, how bad could this get?
- 7 UK airspace to start reopening on Tuesday
|
|
