369
Fashion Jobs
SHISEIDO
FP&A Manager (Korean Only)
Permanent · SEOUL
AESOP
Aesop Hanam Starfield - Retail Consultant
Permanent · HANAM-SI
ADIDAS
Senior Specialist, Buying & Trading, E-Commerce
Permanent · SEOUL
ADIDAS
Manager, Personalization & Apps, E-Commerce
Permanent · SEOUL
ADIDAS
Senior Manager, Legal Counsel, Legal
Permanent · SEOUL
HENKEL
Finance Business Controller For Shiseido Professional Brand
Permanent ·
L'OREAL GROUP
[l'Oreal Korea] Kiehl's - CRM & Trade Mkt sr. Specialist~Manager
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] (jr.) Claim Substantiation Specialist - Corporate Regulatory Affairs
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] (sr.) Product Manager - Kerastase Marketing Team, Ppd
Permanent · SEOUL
UNDER ARMOUR
Associate, HR Administration
Permanent · SEOUL
ARKET
Visual Merchandising Manager
Permanent · BUSAN
PUIG
Marketing Manager
Permanent · SEOUL
JAEGER
[Jaeger Lecoultre] Marketing & Communication Director
Permanent · SEOUL
ESTÉE LAUDER COMPANIES
Corporate Account Executive For Travel Retail Korea, Estee Lauder Companies
Permanent ·
ESTÉE LAUDER - BRAND
Assistant Education Manager, Estee Lauder
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] Luxe Div. - Lancome E-Commerce Specialist
Permanent · SEOUL
COS
Instore Visual Merchandiser Manager_seoul/Gyeonggi
Permanent · SEOUL METROPOLITAN AREA
AESOP
Shinsegae Gwangju - Retail Consultant
Permanent · GWANGJU
COACH
Manager, Ecommerce
Permanent · SEOUL
ADIDAS
Manager, Business Planning & Analysis, Wholesales
Permanent · SEOUL
HENKEL
Adhesive Key Account Manager For Sports And Fashion Market
Permanent · BUSAN
HENKEL
Consumer Brands General Manager Assistant
Permanent ·
By
Reuters
Published
Nov 6, 2008
Reading time
2 minutes
Download
Download the article
Print
Text size

Talbots, AnnTaylor struggle on sales

By
Reuters
Published
Nov 6, 2008

By Brad Dorfman

CHICAGO (Reuters) - AnnTaylor Stores Corp and Talbots Inc, retail chains that cater to women professionals, plan to further restructure their operations after posting sharp declines in quarterly sales on Thursday.


Ann Taylor Loft collection 2008

AnnTaylor said it would expand a restructuring program to cut even more jobs and plans to significantly cut back capital spending in 2009 because it expects consumers to keep a tight hold on spending into next year. The company posted a quarterly drop for sales at stores open at least a year of 19 percent and slashed its third-quarter earnings forecast.

Talbots pulled its financial forecast altogether after reporting a 13.9 percent drop in quarterly same-store sales. It now plans to sell the J. Jill brand it bought a little more than two years ago, and instead focus on its namesake brand.

"Talbots has decided to sell the J. Jill brand, but we fear there will be no buyers," Credit Suisse analyst Paul Lejuez said in a research note. "In addition, the core Talbots business continues to struggle, making a turnaround look unlikely."

Womens' apparel retailers have struggled for more than a year due to a U.S. economic slowdown, often performing worse than the wider retail sector. Those trends have intensified since September, when a financial crisis erupted and threatened to plunge the global economy into deep recession.

Many of their shoppers have cut spending on themselves before sacrificing purchases for their families, while a lack of compelling fashion in some stores kept others away.

AnnTaylor shares fell 25 percent to $9.02, while Talbots lost 10 percent to $6.79.

AnnTaylor said it now expects break-even earnings in the quarter, excluding one-time items, down from its August forecast of 50 cents to 55 cents a share. Analysts on average forecast earnings of 46 cents a share, according to Reuters Estimates.

"Although we had suspected that comps were weak (as they have been across the women's sector), the third-quarter earnings revision was somewhat shocking," Lejuez said, adding that the fourth quarter will also be "very challenging."

The company, which is already in the midst of a reorganization with plans to close 117 stores and cut up to 13 percent of headquarters staff, said it would eliminate additional jobs and make other cost cuts.

Talbots, which is majority owned by Japan's Aeon Co , pulled its previous forecast for the second half of its fiscal year, saying it was no longer applicable, given the current economic environment and the plan to sell J. Jill.

(Editing by Phil Berlowitz)

© Thomson Reuters 2024 All rights reserved.