NEW YORK (Reuters) - Women's clothing retailer Talbots Inc reported a surprise quarterly profit on cost cuts and eased concerns regarding its ability to pay down debt, sending its shares up 7 percent.
The retailer said it will reduce its debt by about $330 million through its acquisition of BPW Acquisition Corp
Talbots said its third-quarter net income from continuing operations was $15.5 million, or 28 cents a share, compared with $14.8 million, or 28 cents a share, a year earlier.
Excluding items, the profit was 30 cents a share. Analysts on average were expecting a loss of 14 cents a share, according to Thomson Reuters I/B/E/S.
Total sales decreased 13.5 percent to $308.9 million.
Talbots has managed inventory tightly, cut staff and streamlined operations as it tries to bring back shoppers over the age of 35.
(Reporting by Dhanya Skariachan, editing by Dave Zimmerman)
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