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FOOTHILL RANCH, Calif., Jul 09, 2009 (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 July 4, 2009, or fiscal June, as follows:
Net Sales |
Comparable Store Sales
% Change | ||||||||||||||
$ in Millions | % Change From Last Year | This Year | Last Year | ||||||||||||
| Wet Seal | $ | 42.5 | -8.0 | % | -11.3 | % | -0.8 | % | |||||||
| Arden B | 9.1 | -15.0 | % | -10.3 | % | -10.7 | % | ||||||||
| Total | $ | 51.6 | -9.3 | % | -11.1 | % | -2.9 | % | |||||||
Ed Thomas, chief executive officer of The Wet Seal, Inc., commented: "The retail environment remained very difficult in June, resulting in consolidated comparable store sales that were below our expectations. At our Wet Seal stores, we responded to aggressive promotional selling by our competitors throughout the mall, which challenged business in that division. We were pleased, however, with our progress toward rebalancing inventory mix at Wet Seal and continue to expect to be well positioned by late this month."
Mr. Thomas continued, "In spite of the June comparable store sales decline, we were able to sustain strong merchandise margins at Arden B as a result of continued inventory management discipline and the improved regular price sales mix versus the prior year. We are also encouraged by continued year-over-year growth in transactions per store at Arden B."
Mr. Thomas concluded, "We will maintain conservative inventory levels at both divisions assuming the selling environment remains challenging as we enter the back-to-school season later this month."
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 July 4, 2009, the Company operated a total of 496 stores in 47 states, the District of Columbia and Puerto Rico, including 413 Wet Seal stores and 83 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 expected timing of correcting inventory imbalances in the Company's Wet Seal division, expected near-term inventory levels, 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.
SOURCE: The Wet Seal, Inc.
The Wet Seal, Inc.
Steven H. Benrubi
(949) 699-3947
Copyright Business Wire 2009
