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Talbots reaffirms 2008 outlook; merchandise margin improves

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May 8, 2008

HINGHAM, Mass.—Apparel retailer The Talbots Inc. on Thursday said its merchandise gross margin is improving, offsetting weak first-quarter sales, and reaffirmed its fiscal 2008 guidance.

The company continues to expect earnings from continuing operations to be between 47 cents to 52 cents per share excluding costs from exiting its kids, mens and U.K. businesses. It expects a net loss between 17 cents and 7 cents per share.

Analysts polled by Thomson Financial, on average, expect a profit of 35 cents per share, with estimates ranging between 8 cents and 50 cents per share. Such estimates typically exclude one-time items.

Talbots also said it is discussing increasing its working capital line of credit with financial institutions. It expects to be in compliance with all covenants of its acquisition term loan agreement for the first quarter of fiscal 2008.

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