Talbots Announces March Comparable Store Sales Increase of 0.8%, Better Than Company Expectations.

Business Editors

HINGHAM, Mass.--(BUSINESS WIRE)--April 10, 2003

Company Updates First Quarter Earnings Outlook

The Talbots, Inc. (NYSE:TLB) today announced total Company sales for fiscal March, the five weeks ended April 5, 2003, were $187.1 million, up 6% from the $177.1 million for the five weeks ended April 6, 2002. Comparable store sales increased 0.8% for the month. Year-to-date sales for the nine weeks ended April 5, 2003, increased 1% to $263.5 million compared to $261.2 million reported for the nine weeks ended April 6, 2002. Comparable store sales decreased 3.1% for the nine-week period.

Arnold B. Zetcher, Chairman, President and Chief Executive Officer, commented, "We are pleased with our better-than-expected March comparable store sales results, which were driven by stronger than anticipated selling of both our regular-price and markdown merchandise. The strength began with the mailing of our main spring catalog in early March, which helped to drive customers into our stores, and the response to our new spring merchandise in both catalog and stores was favorable throughout the period.

"Our strong performance in March helped to offset our below-plan results in February. However, with the continued uncertainty in the environment and extremely low levels of markdown inventory remaining for our March/April mid-season sale, we believe it is appropriate to be cautious in our plan for April comparable store sales. As previously stated, we anticipated that our first quarter earnings would be below last year's level and based on our caution regarding April, our current outlook for earnings per diluted share is in the range of $0.48 to $0.51. This compares to the $0.57 reported in the first quarter last year."*

Mr. Zetcher concluded, "A highlight during the period was the successful grand opening of our first-ever Talbots Mens store in Westport, Connecticut. We will be opening two more Talbots Mens stores in April - one in King of Prussia, Pennsylvania and another in Worthington, Ohio. We are very excited about the retail launch of Talbots Mens and believe this new concept has the potential to become a significant contributor to our growth in the future."*

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 905 stores - 472 Talbots Misses stores, including 20 Talbots Misses stores in Canada and five Talbots Misses stores in the United Kingdom; 244 Talbots Petites stores, including two Talbots Petites stores in Canada; 41 Talbots Accessories & Shoes stores; 62 Talbots Kids stores; 61 Talbots Woman stores; one Talbots Mens store; and 24 Talbots Outlet stores. Its catalog operation circulated approximately 50 million catalogs worldwide in fiscal 2002. Talbots on-line shopping site is located at www.talbots.com. For more detailed information, please visit the Company's 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 an "asterisk" ("*") or such forward-looking terminology as "expect," "look," "believe," "anticipate," "may," "will," or similar statements or variations of such terms. All of the "outlook" information constitutes forward-looking information. The specialty apparel retail business is an evolving and highly competitive marketplace and such forward-looking statements involve material known and unknown risks and uncertainties as to future events which may or may not occur, including levels of sales, effectiveness of the Company's brand awareness and marketing programs, effectiveness and profitability of new concepts, effectiveness of its e-commerce site, store traffic, acceptance of Talbots fashions, 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, a continued highly uncertain economy and a volatile stock market, the impact of the hostilities in the Middle East and the possibility of hostilities in other geographic areas, the potential impact of the SARS health concerns, particularly on our manufacturing operations in Asia, 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 you are urged to consider such factors. In light of the uncertainty inherent in such forward-looking statements, you should not consider their inclusion to be a representation that such forward-looking matters will be achieved. The Company assumes no obligation for updating any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.