The Talbots (TLB) Higher Following Raised Sales Guidance

Shares of The Talbots, Inc. (NYSE: TLB) are slightly higher this morning after the company said it expects total Company third quarter comparable store sales to be in the positive mid-single digit range, up from its previous outlook of low-single digits. The company said this increase is due entirely to the better-than-anticipated performance of the Talbots brand. Comparable store sales for the Talbots brand are currently expected to be in the positive mid-single digit range, compared to the previously announced range of low-to-mid single digits.

Talbots anticipates that third quarter earnings per share will be in line with its previously announced range of $0.12 to $0.15 on a GAAP basis. Excluding anticipated acquisition related costs and adjustments of approximately $0.14 per share and approximately $0.03 in stock option expense, earnings per share would be in the range of $0.29 to $0.32 for the combined company.

Talbots also announced that it is making significant progress in integrating the J. Jill brand, and has accelerated certain key actions into the third quarter that were originally planned for later in the fall. The Company now expects cost saving synergies in 2007 to be approximately $36 million, versus its prior estimate of greater than $30 million.

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