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FOOTHILL RANCH, Calif., Oct 08, 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 October 3, 2009, or fiscal September, as follows:
Net Sales |
Comparable Store Sales
% Change | |||||||||||||||
$ in Millions | % Change From Last Year | This Year | Last Year | |||||||||||||
| Wet Seal | $ | 41.3 | -0.3 | % | -5.3 | % | -3.1 | % | ||||||||
| Arden B | 8.8 | -8.7 | % | -1.1 | % | -21.7 | % | |||||||||
| Total | $ | 50.1 | -1.9 | % | -4.5 | % | -7.5 | % | ||||||||
Ed Thomas, president and chief executive officer of The Wet Seal, Inc., commented: "As we expected, early September comparable store sales benefited from Labor Day shifting one week later this year versus last year, which resulted in a similar one-week shift in back-to-school shopping."
Mr. Thomas continued, "Our comparable store sales expectations for the third quarter remain within our initial guidance range, and we also currently expect earnings per diluted share for the quarter to remain within our initial guidance range of $0.02 to $0.05. We are comfortable with inventory levels at both of our operating divisions and expect to be well-positioned as we enter the holiday 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 October 3, 2009, the Company operated a total of 500 stores in 47 states, the District of Columbia and Puerto Rico, including 420 Wet Seal stores and 80 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 comparable store sales and earnings per diluted share for the fiscal third quarter of 2009, inventory positions entering the holiday season 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
