Home / Knowledge / News / Apparel/Garments / Wet Seal sales down 5% in Q1 FY'13
Wet Seal sales down 5% in Q1 FY'13
29
May '13
The Wet Seal, Inc., a leading specialty retailer to young women, announced results for the first quarter of fiscal 2013 ended May 4, 2013.

First Quarter 2013

- Net sales for the quarter ended May 4, 2013, were $140.4 million compared to net sales of $147.9 million for the quarter ended April 28, 2012.

- Consolidated comparable store sales decreased 2.9%, including a decrease of 3.4% at Wet Seal and an increase of 0.9% at Arden B.

- Operating income was $3.2 million compared to operating loss of $0.4 million in the first quarter of fiscal 2012. The current year and prior year quarters include $1.6 million and $3.6 million, respectively, of non-cash asset impairment charges.

Operating income in the 2013 period also includes a $3.5 million benefit to adjust a loss contingency. Non-GAAP adjusted operating income, excluding the effect of the aforementioned charges and benefits, was $1.3 million in the first quarter of fiscal 2013 compared to $3.2 million in the prior year period.

- Operating income in the 2013 period also includes $1.7 million of incremental legal defense costs versus a year ago.

- Net income was $3.1 million, or $0.03 per diluted share, compared to net loss of $0.3 million, or $0.00 per diluted share, in the prior year quarter. Non-GAAP adjusted net income in the first quarter of fiscal 2013, excluding the after-tax effect of the asset impairment charges and benefit to adjust a loss contingency accrual, was $1.3 million, or $0.01 per diluted share. Non-GAAP adjusted net income in the first quarter of fiscal 2012, excluding the after-tax effect of the asset impairment charges, was $1.9 million, or $0.02 per diluted share.

- At quarter’s end, the Company’s inventory per square foot was down 7.7% versus a year ago, with Wet Seal down 7.6% and Arden B down 6.3%.

“We are pleased with the operating and financial momentum we’re beginning to experience,” said John D. Goodman, Chief Executive Officer. “We have made good progress in a short period of time throughout the organization.

Our teams have executed well and delivered improvement in virtually every aspect of the business, including product, inventory management, merchandising, marketing, in-store presentation and customer engagement. This allowed us to exceed our financial guidance in the first quarter and forecast a return to positive comp store sales earlier than planned in the second quarter of 2013.

“We have effectively stabilized the business,” continued Goodman. “We are seeing an increasingly strong response to our product offerings and customer engagement strategies, while at the same time, we have closely managed inventory and significantly improved our merchandise margin. We believe the Company has the people, processes and brand strength to enable us to begin driving consistent performance, and we are enthusiastic about the opportunity to better position both Wet Seal and Arden B for long-term growth.”

Wet Seal

Must ReadView All

Courtesy: UPM Raflatac

Apparel/Garments | On 17th Jan 2017

New residue free textile label adhesive from UPM Raflatac

Producer of self adhesive label materials UPM Raflatac, has...

Courtesy: Authentic Brands Group

Apparel/Garments | On 17th Jan 2017

Teen retailer Aéropostale reopens 500 stores in US

Teen apparel retailer Aéropostale has reopened 500 stores in the US,...

Courtesy: Centric Software

Information Technology | On 17th Jan 2017

Centric releases version 6.0 of PLM solution

Centric Software, the leading PLM solution for fashion, retail,...

Interviews View All

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kevin Nelson
TissueGen

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search