The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

The Wet Seal, Inc. Announces November Comparable Store Sales Declined 5.4%

Thursday, November 29, 2012

The Wet Seal, Inc. Announces November Comparable Store Sales Declined 5.4%07:00 EST Thursday, November 29, 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 four-week period ended November 24, 2012, or fiscal November, as follows: Fiscal November     Net Sales         Comparable Store Sales % Change $ in Millions     % Change FromLast Year This Year     Last Year Wet Seal $ 42.4     -3.2 % -5.1 %     -1.8 % Arden B   6.4     -12.8 % -6.9 %     -11.2 % Total $ 48.8     -4.6 % -5.4 %     -3.1 %   E-commerce sales, which are not included in comparable store sales, increased 7.2% in fiscal November. The Company today issued the following statement: "November comparable store sales were modestly ahead of our expectations. Our continued re-merchandising efforts at Wet Seal drove sequential improvement in sales trend as the month progressed. We have cleared through the majority of our back-to-school and fall inventories and expect to clear through the remainder by early December. We are also seeing encouraging signs of regaining our long-time customers and believe we will continue to do so as we make further enhancements to our merchandise assortments to align with their fashion tastes. “Lastly, we estimate Super Storm Sandy negatively impacted our comparable store sales for the month by approximately 1%. Our thoughts go out to those affected by the storm, and we wish for a rapid recovery and return to normal for all.” 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 November 24, 2012, the Company operated a total of 556 stores in 47 states and Puerto Rico, including 475 Wet Seal stores and 81 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 expectations for an improved merchandise assortment during its fiscal fourth quarter and thereafter, 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