• Q1 adjusted profit down 76% to US$5.3m
  • Net sales down 6% to $301.3m
  • Updates on store closure plans

Retailer The Talbots saw underlying net profit fall strongly in the first quarter, battered by a revenue decline and a 7.7% slump in comparable store sales.

“Our first quarter performance reflects an inconsistent customer response to our merchandise assortments, a challenging competitive environment and high levels of promotional activity,” said Trudy Sullivan, company president and CEO.

“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.”

Updating its previously announced store closure programme, The Talbots said it would shutter about 110 stores in total, including 13 consolidations.

Of that number, 83 will close in fiscal 2011, 25 in 2012 and the final two in 2013, the company said.

Click here to view The Talbots first quarter results in full.