The Wet Seal, Inc. Announces October Comparable Store Sales Declined 7.6%
November 01 2012 - 7:00AM
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 October 27, 2012, or fiscal October, and
the fiscal third quarter ended October 27, 2012, as follows:
Fiscal
October
Net Sales
Comparable Store Sales% Change
$ in Millions
% Change FromLast Year
This Year
Last Year
Wet Seal $ 33.0 -3.6 % -6.9 % -9.9 %
Arden B 5.5 -13.4 % -11.5 % -8.6
% Total $ 38.5 -5.1 % -7.6 % -9.7 %
Fiscal Third
Quarter
Net Sales
Comparable Store Sales% Change
$ in Millions
% Change FromLast Year
This Year
Last Year
Wet Seal $ 117.9 -10.2 % -13.5 % -0.1 %
Arden B 17.6 -15.7 % -13.8 %
-6.3 % Total $ 135.5 -10.9 % -13.5 %
-0.9 %
E-commerce sales, which are not included in comparable store
sales, increased 9.8% and 8.7% in fiscal October and the fiscal
third quarter, respectively.
The Company today issued the following statement:
"Our October comparable store sales were in line with
expectations as adjustments to the assortment contributed to
sequential improvement in sales trends.
“At quarter-end, we estimate total inventory dollars per square
foot were up 3% to the prior year, with Wet Seal up 5% and Arden B
down 7%. We have been focused on re-merchandising our Wet Seal
stores for the fourth quarter in an effort to regain our core
customer. We remain on track to clear our older inventory by early
to mid-fourth quarter. In addition, we believe the merchandise
assortment planned for this time period will align with the tastes
of our long-time customer base.
“We now estimate our loss per diluted share, before the effect
of non-cash asset impairment charges, will be $0.13, which is the
high end of our initial guidance range of a loss per diluted share
of $0.13 to $0.16. We are evaluating several Wet Seal and Arden B
stores for potential non-cash asset impairments. Asset impairment
charges were not included in prior guidance and, if incurred, would
increase our loss per diluted share for the quarter.”
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 October 27, 2012, the Company
operated a total of 553 stores in 47 states and Puerto Rico,
including 472 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 estimated third quarter earnings per share and inventory
levels, near-term merchandising actions and expectations for an
improved inventory assortment during its fiscal fourth quarter, 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.
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