Press release from Business Wire
The Wet Seal, Inc. Announces March Comparable Store Sales Increased 6.3%
Thursday, April 08, 2010
The Wet Seal, Inc. Announces March Comparable Store Sales Increased 6.3%07:00 EDT Thursday, April 08, 2010 FOOTHILL RANCH, Calif. (Business Wire) -- The Wet Seal, Inc. (Nasdaq: WTSLA), a leading specialty retailer to young women, reported net sales and comparable store sales for the five-week period ended April 3, 2010, or fiscal March, as follows: Net Sales Comparable Store Sales % Change $ in Millions % Change FromLast Year This Year Last Year Wet Seal $ 46.4 10.3 % 6.0 % -12.5 % Arden B 9.6 4.6 % 7.8 % -6.3 % Total $ 56.0 9.3 % 6.3 % -11.4 % Ed Thomas, chief executive officer of The Wet Seal, Inc., commented: “We were pleased with the continued positive momentum at our Wet Seal division in March, which was in line with our expectations. We attribute our improved results to a better inventory mix, which has led to both positive sales trends and merchandise margin improvement quarter-to-date. “At Arden B, sales results also met our expectations, although the comparable store sales gain moderated versus results of the past several months given the relatively stronger prior year performance in March.” Mr. Thomas concluded: “With Easter occurring one week earlier this year than last year, March comparable store sales results, particularly at Wet Seal, benefited somewhat at the expense of April. Without the Easter shift, we believe March comparable store sales would have increased by a low-single-digit percentage.” About Wet Seal Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a leading specialty retailer of fashionable and contemporary apparel and accessory items. As of April 3, 2010, the Company operated a total of 502 stores in 47 states, the District of Columbia and Puerto Rico, including 423 Wet Seal stores and 79 Arden B stores. The Company's products can also be purchased online at www.wetseal.com or www.ardenb.com. For more company information, visit www.wetsealinc.com. SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements that relate to the Easter shift impact on fiscal March and April sales, as well as the intent, belief, plans or expectations of the Company or its management. All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission. This news release contains results reflecting partial year data and non-fiscal data that may not be indicative of results for similar future periods or for the full year. The Company will not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.