Press release from Business Wire
The Wet Seal, Inc. Announces August Comparable Store Sales Increased 1.1%
Thursday, September 02, 2010
The Wet Seal, Inc. Announces August Comparable Store Sales Increased 1.1%04:00 EDT Thursday, September 02, 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 August 28, 2010, or fiscal August, as follows: Fiscal August Net Sales Comparable Store Sales % Change $ in Millions % Change From Last Year This Year Last Year Wet Seal $ 46.0 5.5 % 1.5 % -12.6 % Arden B 6.6 -4.4 % -1.8 % -1.8 % Total $ 52.6 4.2 % 1.1 % -11.2 % Ed Thomas, chief executive officer of The Wet Seal, Inc., commented: “August comparable store sales results were in line with our expectations. We are pleased with our results during this very important back-to-school selling month, with the overall sales trend improvements we experienced early in the month continuing through the back half.” Mr. Thomas continued, “Our improved merchandise assortment at Wet Seal led to a comparable store sales increase, and merchandise margin improvement over the prior year, in spite of a very challenging and promotional retail environment. At Arden B, we continued to maintain strong merchandise margins despite a slight comparable store sales decline. We believe inventories at both divisions continue to be well-positioned as we move into the fall season.” 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 August 28, 2010, the Company operated a total of 511 stores in 47 states, the District of Columbia and Puerto Rico, including 435 Wet Seal stores and 76 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, the Company's current inventory positions and 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.