Home / Knowledge / News / Apparel/Garments / The Wet Seal Q2 FY'13 comparable store sales up 3.7%
The Wet Seal Q2 FY'13 comparable store sales up 3.7%
28
Aug '13
The Wet Seal, Inc., a leading specialty retailer to young women, announced financial results for its fiscal second quarter ended August 3, 2013. The Company also provided its financial outlook for the third quarter of fiscal 2013.

Second Quarter Fiscal 2013:

Net sales totaled $137.2 million versus net sales of $135.3 million in the second quarter of 2012.

Consolidated comparable store sales increased 3.7%, including an increase of 3.9% for Wet Seal and an increase of 2.0% for Arden B.

Gross profit increased 32% to $40.7 million compared to $30.8 million a year ago, while gross margin expanded 680 basis points to 29.6% of sales versus 22.8% of sales in the second quarter of 2012. The year-over-year increase is primarily attributable to substantial improvement in merchandise margin due to reduced markdown levels.

Operating income was $1.0 million compared to operating loss of $19.5 million in the second quarter of fiscal 2012. The current year and prior year quarters include $262,000 and $9.0 million, respectively, of non-cash asset impairment charges. Operating loss in the prior year period also includes $1.9 million in CEO severance costs. Non-GAAP adjusted operating income, excluding the effect of the aforementioned charges, was $1.2 million in the second quarter of fiscal 2013 compared to non-GAAP adjusted operating loss of $8.6 million in the prior year period.

Net income totaled $1.0 million, or $0.01 per diluted share, compared to net loss of $12.4 million, or $0.14 per diluted share, in the prior year quarter. Non-GAAP adjusted net income in the second quarter of fiscal 2013, excluding the after-tax effect of non-cash asset impairment charges, totaled $1.2 million, or $0.01 per diluted share. Non-GAAP adjusted net loss in the second quarter of fiscal 2012, excluding the after-tax effect of non-cash asset impairment charges and CEO severance costs, was $5.8 million, or $0.07 per diluted share.

At quarter’s end, the Company’s inventory per square foot was up 2% versus a year ago, including an increase of 3% at Wet Seal and a decrease of 15% at Arden B.

John D. Goodman, Chief Executive Officer, stated, “During the second quarter we achieved strong year-over-year improvement across all of our key financial metrics. We delivered comparable store sales growth of 3.7%, expanded our merchandise margin, reduced expenses and attained profitability. Our performance reflects the benefits of our fast fashion operating model, ongoing progress against our turnaround strategies and strong inventory management.”

Click here to read full results

The Wet Seal

Must ReadView All

Apparel/Garments | On 18th Jan 2017

Government considering 100% FDI in single brand retail

The Government of India is looking at allowing 100 per cent foreign...

Courtesy: Walmart

Apparel/Garments | On 18th Jan 2017

Walmart to create 34,000 new jobs in the US

The world’s biggest retailer and also the biggest US private sector...

Courtesy: UN Department of Public Information

Textiles | On 18th Jan 2017

World economy expanded by just 2.2% in 2016: UN

The world economy expanded by just 2.2 per cent in 2016, the slowest...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kevin Nelson
TissueGen

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Prathyusha Garimella
Prathyusha Garimella

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

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