The Chinese e-commerce giant will have $8 billion in cash after its IPO as well as valuable stock it can use for acquisitions. The ...
Web sales grew 8.8% while store sales fell 7.7%.
The only channel that was up for The Talbot’s Inc. in an otherwise down first quarter was the web.
For the quarter ended April 30, Talbot’s, No. 112 in the Internet Retailer Top 500 Guide, reported:
- Web sales increased 8.8% to $45.7 million from $42.0 million in the first quarter of 2010.
- Total revenue declined 6% to $301.3 million from $320.7 million in first quarter of 2010.
- Direct marketing sales declined year over year 4.1% to $60.5 million from $63.1 million. The web accounted for about 75.5% of all direct sales, compared with 66.6% in the prior year, the retailer says.
- Comparable-store sales declined 7.7%.
- Net income was $739,000 compared with a net loss of $4.4 million in the first quarter of 2010.
“Our first quarter performance reflects an inconsistent customer response to our merchandise assortments, a challenging competitive environment and high levels of promotional activity,” says CEO Trudy Sullivan. “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.”
Internet Retailer calculates the web accounted for 15.2% of total sales compared with 13.1% in the first quarter of 2010.