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The Wet Seal, Inc. Announces May Comparable Store Sales Increased 2.9%

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 May 28, 2011, or fiscal May, as follows:

 

Fiscal May

 
    Comparable Store Sales
Net Sales % Change
  % Change From  
$ in Millions   Last Year This Year   Last Year
Wet Seal $ 36.5 11.9 % 2.8 % -4.6 %
Arden B   8.0   5.3 % 3.2 %   -7.8 %
Total $ 44.5   10.6 % 2.9 %   -5.3 %
 

Susan McGalla, chief executive officer of The Wet Seal, Inc., commented: "May comparable store sales results were in line with our expectations. We were pleased to have delivered our sixth positive comparable store sales result in the past seven months, and we are comfortable with our current inventory levels in both divisions as we enter the summer months."

For the fiscal month, the Company's e-commerce sales declined 6%. E-commerce sales are not a component of the Company's comparable store sales results.

Ms. McGalla continued, "In our e-commerce businesses, we have reduced promotional levels and plan to rebalance inventories more toward regular price versus clearance items in an effort to drive higher merchandise margins. As we continue to focus on more full-price selling, we expect e-commerce sales may run below last year in the near term."

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 May 28, 2011, the Company operated a total of 538 stores in 47 states and Puerto Rico, including 456 Wet Seal stores and 82 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 inventory levels and e-commerce 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

Source: The Wet Seal, Inc.

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