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FOOTHILL RANCH, Calif., Jun 07, 2007 (BUSINESS WIRE) -- The Wet Seal, Inc. (Nasdaq:WTSLA), a leading specialty retailer to young women, reported comparable store sales increased 1.9% for the four-week period ended June 2, 2007, compared to the four-week period ended June 3, 2006. The Company reported an 8.3% decrease in comparable store sales for fiscal May last year. The reported comparable store sales change was within the range of the Company's most recent guidance that indicated a comparable store sales increase in the low single digits. Net sales for the four-week period ended June 2, 2007 were $42.6 million, compared to net sales of $37.3 million reported for the four-week period ended May 27, 2006.
Joel Waller, chief executive officer of The Wet Seal, Inc., commented: "Our sales for May were at the mid-point of our guidance and we expect another low single digit increase in comparable store sales for the month of June. We also continue to expect significant improvement in gross profits and operating income from that achieved last year, which is consistent with the assumptions underlying our second quarter earnings guidance."
Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a leading specialty retailer of fashionable and contemporary apparel and accessory items. As of June 2, 2007, the Company operated a total of 452 stores in 47 states, the District of Columbia and Puerto Rico, including 359 Wet Seal stores and 93 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 related to the expected gross profit and operating income for the second quarter and the expected change in comparable store sales for June. These forward-looking statements relate to the 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 its forward-looking statements. Such factors include, but are not limited to, those described in the Company's Form 10-K for its fiscal year ended February 3, 2007, as filed with the Securities and Exchange Commission. This news release contains results reflecting a partial year 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.
John J. Luttrell, 949-699-3918
