US: Talbots upgrades Q4 sales forecast
Author: just-style.com | 18 February 2010
Women’s wear retailer The Talbots is now anticipating stronger than expected fourth quarter operating results, thanks to positive sales trends.
The US company reported that, based on preliminary results, it now expects sales in the three months to 30 January to fall by about 4%, compared to its previous forecast of a 6-8% decline.
This was driven by positive full-price selling in the period, The Talbots said, adding that it expected comparable store sales to fall by about 7%, but direct marketing sales to rise by 11%.
The company is due to report its fourth quarter and fiscal 2009 results on 13 April.
Meanwhile, the retailer has also announced an amendment to the terms of the deal of its reverse takeover by BPW Acquisition Corp.
The exchange ratio under the original terms of the merger agreement – which sees BPW shareholders take a controlling stake in The Talbots – is now subject to an amendment.
The Talbots said the amendment reflected “possible fluctuations” in Talbots’ share price and would provide greater assurance that BPW shareholders would receive about US$11.25 in value in Talbots common shares at the time of the deal’s closing.
The merger is set to be discussed at a special meeting of BPW stockholders on 24 February.
Sectors: Apparel, Finance, Retail
Companies: Talbots
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