The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

The Wet Seal, Inc. Announces March Comparable Store Sales Declined 7.8%

Thursday, April 05, 2012

The Wet Seal, Inc. Announces March Comparable Store Sales Declined 7.8%07:00 EDT Thursday, April 05, 2012 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 March 31, 2012, or fiscal March, as follows: Fiscal March       Net Sales       Comparable Store Sales % Change $ in Millions     % Change FromLast Year This Year     Last Year Wet Seal $ 50.0     -4.2 % -7.6 %     6.4 % Arden B   8.6     -10.1 % -8.6 %     -4.6 % Total $ 58.6     -5.1 % -7.8 %     4.7 %   Susan McGalla, chief executive officer of The Wet Seal, Inc., commented: “March sales were in line with our expectations. “At Wet Seal, our shorts, skirts and overall bottoms business, as well as dresses and shoes, performed well, while tops and jewelry sales declined. In tops, we are in the process of adding more fashion and party looks to complement our stronger fashion basic tops business. In light of our recent business trend, we remain cautious about near term sales expectations. “At Arden B, bottoms, fashion dresses and jewelry performed well, while our tops business declined. We remain focused on maintaining a strong dress business while building strength in the bottoms category. In addition, we are working to improve our tops assortment, which we expect will provide more compelling outfitting solutions for our customer. “For the month, E-commerce sales declined 17%, as we continue our strategic efforts to transition to a higher penetration of full-price selling online and better align merchandising in this channel with our stores.” About The Wet Seal, Inc. Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a leading specialty retailer of fashionable and contemporary apparel and accessory items. As of March 31, 2012, the Company operated a total of 553 stores in 47 states and Puerto Rico, including 469 Wet Seal stores and 84 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 near term sales expectations, 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. The Wet Seal, Inc.Steven H. Benrubi(949) 699-3947