Press release from Business Wire
The Wet Seal, Inc. Announces May Comparable Store Sales Declined 5.3%
Thursday, June 03, 2010
The Wet Seal, Inc. Announces May Comparable Store Sales Declined 5.3%07:00 EDT Thursday, June 03, 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 four-week period ended May 29, 2010, or fiscal May, as follows: Fiscal May Comparable Store Sales Net Sales % Change % Change $ in Millions From Last Year This Year Last Year Wet Seal $ 32.6 -2.8 % -4.6 % -12.4 % Arden B 7.6 -10.5 % -7.8 % 11.0 % Total $ 40.2 -4.3 % -5.3 % -8.4 % Ed Thomas, chief executive officer of The Wet Seal, Inc., commented: “May comparable store sales results were within our expectations. The one-week shift in the Memorial Day holiday versus the prior year drove improved results in the last week of May, and we expect this shift also to benefit early June.” Mr. Thomas continued, “As we previously disclosed, results through most of May were soft. We believe this was attributable, in part, to unfavorable weather patterns in much of the country and, possibly, a pause by consumers after relatively strong buying earlier in the year. We remain cautious on our outlook for the current fiscal quarter.” 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 May 29, 2010, the Company operated a total of 501 stores in 47 states, the District of Columbia and Puerto Rico, including 422 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 Company's sales expectations for fiscal June 2010 and the remainder of the Company's fiscal second quarter, 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.