August Comparable Store Sales Decrease 8.7%, Slightly Below Company Expectations.

Business Editors

HINGHAM, Mass.--(BUSINESS WIRE)--Sept. 4, 2003

The Talbots, Inc. (NYSE: TLB):

Negative Comparable Store Sales Driven by Lack of Clearance

Merchandise; Regular-Price Comps in Core Business Continued Positive

for the Month

The Talbots, Inc. (NYSE: TLB) today announced sales for fiscal August, the four weeks ended August 30, 2003 decreased 2% to $87.8 million from $90.0 million for the four weeks ended August 31, 2002. Comparable store sales decreased 8.7% for the month, driven by 20% less clearance inventory per square foot in the Company's core U.S. women's business. Year-to-date sales for the thirty weeks ended August 30, 2003 increased 2% to $872.4 million from $851.7 million reported for the thirty weeks ended August 31, 2002. Comparable store sales decreased 3.6% for the year-to-date period.

Arnold B. Zetcher, Chairman, President and Chief Executive Officer, commented, "August got off to a solid start, and our regular-price selling in our core U.S. women's business was overall positive for the month. As expected, our total company comparable store sales results were negative due to the significant lack of clearance merchandise this year versus last, and we were quite comfortable with that. Driving our slightly below plan results, however, was a greater than anticipated weakness in our Talbots Kids business, despite it being only approximately 8% of our total sales volume for the period."

"August is one of the smallest months of the year from a sales perspective, and we view it as a transitional period in which we complete our semi-annual sale and transfer all our residual merchandise to our outlet stores."

"As we move into September, all clearance has now been removed from our stores and we are positioned to kick off what we consider the true start of our fall selling season. We are pleased with our merchandise assortments and our comprehensive marketing campaign, which we have recently expanded even further, encompassing national magazine, newspaper and television advertising, as well as direct mail and in-store initiatives."

"Looking ahead, while we are hopeful that the positive regular-price selling trends we have experienced in the last three months will continue, we believe it is prudent to wait until we report our September comparable store sales results to provide additional information regarding our outlook for third quarter sales and earnings," concluded Mr. Zetcher.

Talbots is a leading national specialty retailer and cataloger of women's, children's and men's classic apparel, shoes and accessories. The Company operates 933 stores - 479 Talbots Misses stores, including 20 Talbots Misses stores in Canada and five Talbots Misses stores in the United Kingdom; 253 Talbots Petites stores, including two Talbots Petites stores in Canada; 40 Talbots Accessories & Shoes stores; 64 Talbots Kids stores; 70 Talbots Woman stores, including one Talbots Woman store in Canada; three Talbots Mens stores; and 24 Talbots Outlet stores. Its catalog operation currently expects to circulate approximately 48 million catalogs worldwide in fiscal 2003. Talbots on-line shopping site is located at www.talbots.com.

For more detailed information, please visit our website at www.talbots.com, or call [phone] to listen to The Talbots, Inc. monthly sales recording.

The foregoing contains forward-looking information within the meaning of The Private Securities Litigation Reform Act of 1995. The statements may be identified by such forward-looking terminology as "expect," "look," "believe," "anticipate," "may," "will," or similar statements or variations of such terms. All of the "outlook" information (including future revenues, comparable sales, earnings and EPS, and other financial performance or operating measures) constitutes forward-looking information. Our forward-looking statements are based on our current expectations, assumptions, estimates and projections about our Company including assumptions and projections concerning store traffic, levels of store sales including regular-price selling, and customer preferences. Our forward looking statements involve material known and unknown risks and uncertainties as to future events which may or may not occur, including, effectiveness of the Company's brand awareness and marketing programs, effectiveness and profitability of new concepts including the Mens concept, effectiveness of its e-commerce site, acceptance of Talbots fashions, the Company's ability to anticipate and successfully respond to changing customer tastes and preferences, appropriate balance of merchandise offerings, the Company's ability to sell its merchandise at regular prices as well as its ability to successfully execute its major sale events including the timing and levels of markdowns, retail economic conditions including consumer spending, consumer confidence and a continued highly uncertain economy, and the impact of a continued highly promotional retail environment. 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 available on the Talbots website under "Investor Relations", and you are urged to carefully consider all such factors. In light of the substantial uncertainty inherent in such forward-looking statements, you should not consider their inclusion to be a guarantee or representation that such forward-looking matters will in fact be achieved. The Company assumes no obligation for updating or revising any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.