Press release from Business Wire
The Wet Seal, Inc. Announces September Comparable Store Sales Declined 0.7%
<p class=' bwalignc'> <b>Updates Third Quarter Earnings Guidance to High End of Initial Range</b> </p>
Thursday, October 07, 2010
The Wet Seal, Inc. Announces September Comparable Store Sales Declined 0.7%07:00 EDT Thursday, October 07, 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 October 2, 2010, or fiscal September, as follows: Fiscal September Net Sales Comparable Store Sales % Change % Change $ in Millions From Last Year This Year Last Year Wet Seal $ 43.3 4.7 % 0.1 % -5.3 % Arden B 7.9 -10.0 % -5.5 % -1.1 % Total $ 51.2 2.2 % -0.7 % -4.5 % Ed Thomas, chief executive officer of The Wet Seal, Inc., commented: “September comparable store sales results at Wet Seal were better than our expectations and at Arden B were slightly below expectations. As we anticipated, business became more challenging at Wet Seal after the second week of the month, once peak back-to-school business had passed.” Mr. Thomas continued, “Our improved merchandise assortment at Wet Seal continues to generate merchandise margin gains over the prior year. Due mainly to our overall better than expected comparable store sales results and continued Wet Seal margin improvement, we now expect third quarter earnings to reach the high end of our initial guidance range of $0.01 to $0.03 per diluted share.” 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 October 2, 2010, the Company operated a total of 512 stores in 47 states, the District of Columbia and Puerto Rico, including 436 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 earnings per diluted share expectations for its fiscal third quarter 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.