Home / Knowledge / News / Apparel/Garments / US retailer Wet Seal expects sales to dip 10-11% in Q2
US retailer Wet Seal expects sales to dip 10-11% in Q2
23
Jul '12

The Wet Seal Inc. a leading specialty retailer to young women announced that its Board of Directors has terminated the employment of the Company’s Chief Executive Officer, Susan McGalla, effective immediately. The Board is commencing a search for a new Chief Executive Officer.

In the interim, while the search process is conducted, the Company has formed an Office of the Chairman, led by Hal Kahn, the Company’s non-executive chairman of the Board.

Also during this interim period, Ken Seipel, the Company’s President and Chief Operating Officer, and Steve Benrubi, the Company’s Chief Financial Officer, will be co-principal executive officers and members of the Office of the Chairman until a new CEO has been selected by the Board.

The Board expressed its confidence that under the leadership of Mr. Kahn and the members of senior management, the Company will have in place a capable leadership team during the search process.

Through the third week of the fiscal month ending July 28, 2012, or fiscal July, the Company’s comparable store sales for fiscal July have declined between 13% and 14%.

For the second fiscal quarter, the Company expects comparable store sales to decline between 10% and 11%, which is at the low end of its initial guidance range.

The Company currently estimates second quarter loss before non-cash asset impairment and CEO severance costs will be between $0.06 and $0.07 per diluted share, as compared to its initial guidance of a loss between $0.03 and $0.06 per diluted share.

The Company is evaluating certain Wet Seal and Arden B stores for potential non-cash asset impairments and will also be incurring CEO severance costs during the quarter.

Asset impairment and CEO severance costs were not included in prior guidance and will increase the loss per diluted share for the quarter.

Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a leading specialty retailer of fashionable and contemporary apparel and accessory items for young women.

Wet Seal Inc

Must ReadView All

Textiles | On 22nd Apr 2017

Strong rupee & weak trade to affect textile exporters

Textile and apparel exporters' earnings and EBITDA margins will be...

Textiles | On 22nd Apr 2017

Myntra acquires InLogg

With an aim to strengthen supply chain and logistics, Flipkart-owned...

Textiles | On 22nd Apr 2017

Aditya Birla Group launches new variant Liva Crème

After its successful launch of high quality fabric Liva in 2015,...

Interviews View All

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search