Citing Continued Strong Cash Flow, Talbots Announces Extension of Stock Repurchase Program.

Business Editors

HINGHAM, MA--(BUSINESS WIRE)--May 30, 2000

The Talbots, Inc. (NYSE:TLB) announced today that its Board of Directors voted to extend its common stock repurchase program to acquire up to an additional $20 million of its outstanding common stock. This represents the fifth extension of Talbots stock repurchase program adopted in 1995. The program will be financed using the Company's available cash.

The authorization provides for repurchases on the open market from time to time over a two-year period. Consistent with its previous repurchase programs, the Company will purchase a pro rata number of shares from JUSCO (U.S.A.), Inc. so as to maintain substantially the same percentage ownership balance in the Company between JUSCO (U.S.A.) and the public shareholders. As of April 29, 2000, 60.9% of Talbots outstanding shares were owned by JUSCO (U.S.A.), a wholly owned subsidiary of JUSCO Co., Ltd./AEON Group, a Tokyo-based international retail conglomerate. The other 39.1% of the outstanding shares are publicly owned.

Arnold B. Zetcher, Chairman, President and Chief Executive Officer commented, "This program underscores our commitment to enhance shareholder value and we believe that current market conditions present an attractive investment opportunity for the Company. The Board's action reflects their confidence in our strong cash flow which we believe will be sufficient to support our ongoing store expansion plans, the payment of regular quarterly dividends and this stock repurchase program."*

As under the previous repurchase authorizations, shares repurchased from JUSCO (U.S.A.) under the extended program will be settled monthly based on the level of any open market purchases which the Company may make under the program for such month. The price of the shares purchased from JUSCO (U.S.A.) will be the weighted average price paid to the public shareholders for the month.

Repurchased shares will be held as treasury shares, a portion of which may be used to satisfy the Company's current and near term requirements under its equity incentive and other benefit plans. At April 29, 2000, the Company had 30,886,564 shares of common stock outstanding.

Talbots is a leading national specialty retailer and cataloger of women's classic apparel, shoes and accessories. The Company operates 682 stores - 406 Talbots Misses stores, including 19 Talbots Misses stores in Canada and six Talbots Misses stores in the United Kingdom; 160 Talbots Petites stores, including one Talbots Petites store in Canada; 35 Talbots Accessories & Shoes stores; 54 Talbots Kids stores; seven Talbots Woman stores; and 20 Talbots Outlet stores. Its catalog operation circulated approximately 57 million catalogs worldwide in fiscal 1999. Talbots on-line shopping site is located at www.talbots.com. *****************************************************************

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 brandawareness 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.