FOR IMMEDIATE RELEASE
CONTACT: Julie Lorigan
Director, Investor Relations
(781) 741-7775
Margery B. Myers
Vice President,
Corporate Communications and Public Relations
(781) 741-4019
Stacey Bibi - Investor Relations
Stacy Roth - Media Relations
Morgen-Walke Associates
(212) 850-5600
TALBOTS ANNOUNCES TWO-FOR-ONE STOCK SPLIT
Hingham, MA, October 11, 2000 - The Talbots, Inc. (NYSE: TLB) announced
today that the Board of Directors has approved a two-for-one split of its common
stock. The stock split will be effected by issuing one additional share of
common stock for each outstanding share of outstanding common stock and each
treasury share of common stock. The additional shares will be distributed on
November 7, 2000 to shareholders of record on October 25, 2000. The Company had
31,395,665 shares of common stock outstanding as of October 9, 2000.
Arnold B. Zetcher, Chairman, President and Chief Executive Officer
commented, "This is our company's first stock split since our 1993 initial
public offering and is intended to make Talbots shares more accessible to all
shareholders and to increase our market liquidity. Today's action, together with
our ongoing stock repurchase and dividend programs, underscores our continuing
commitment to enhancing shareholder value."*
"We are clearly very pleased with the health of our business.
Throughout the year, we have reported consistently strong operating performance
and solid earnings growth, including last week's announcement of outstanding
September sales and substantially increased earnings outlook for the third
quarter. Given the momentum we have seen in our business to date, we believe we
are well positioned for a successful second half performance and are confident
in our ability to expand and grow our company over the long-term," Mr. Zetcher
concluded.*
Talbots is a leading national specialty retailer and cataloger of
women's classic apparel, shoes and accessories. The Company operates 692 stores
- 409 Talbots Misses stores, including 19 Talbots Misses stores in Canada and
five Talbots Misses stores in the United Kingdom; 165 Talbots Petites stores,
including one Talbots Petites store in Canada; 35 Talbots Accessories & Shoes
stores; 53 Talbots Kids stores; ten Talbots Woman stores; and 20 Talbots Outlet
stores. Its catalog operation currently expects to circulate approximately 58
million catalogs worldwide in fiscal 2000. Talbots on-line shopping site is
located at www.talbots.com.
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The foregoing contains forward-looking information within the meaning of The
Private Securities Litigation Reform Act of 1995. The statements may be
identified by an "asterisk" ("*") or such forward-looking terminology as
"expect," "look," "believe," "anticipate," "may," "will," or similar statements
or variations of such terms. Such forward-looking statements involve risks and
uncertainties including levels of sales, effectiveness of the Company's brand
awareness and marketing programs, effectiveness and profitability of new
concepts, effectiveness of its new e-commerce site and the overall effect of
e-commerce on Talbots business, store traffic, acceptance of Talbots fashions,
appropriate balance of merchandise offerings, and timing and levels of
markdowns, and, in each case, actual results may differ materially from such
forward-looking information. Certain other factors that may cause actual results
to differ from such forward-looking statements are included in the Company's
Current Report on Form 8-K dated October 30, 1996 filed with the Securities and
Exchange Commission (a copy of which may also be obtained from the Company at
781-741-4500) as well as other periodic reports filed by the Company with the
Securities and Exchange Commission and you are urged to consider such factors.
The Company assumes no obligation for updating any such forward-looking
statements.
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