The Company expects to report a comparable store sales increase in the low-single digits and net loss per diluted share in the range of $0.10 to $0.12, before non-cash asset impairments. This compares to prior guidance of a comparable store sales increase in the mid-single digits and net loss per diluted share in the range of $0.02 to $0.03, before non-cash asset impairments.
John D. Goodman, Chief Executive Officer, stated, "Following our strong start to the quarter, mall traffic softened considerably during September and has continued into October, resulting in an increasingly promotional competitive environment in recent weeks. We expect to deliver improvement in most key financial metrics versus the year ago period, but the need to implement more extensive promotions than planned has caused us to lower our margin and earnings expectations for the quarter.
"Despite the extremely tough market conditions, we are encouraged by continued expectations of positive comp store sales and substantial improvement in merchandise margin on a year-over-year basis. To that end, we are seeing a positive response to our marketing initiatives and other customer engagement strategies. When the Wet Seal girl is in the mall, we're capturing her attention."
Mr. Goodman concluded, "As we continue to navigate through this difficult period, we are carefully controlling expenses and are focused on closely managing inventories in both divisions to end the third quarter well-positioned ahead of the critical holiday selling season."
The Company will report third quarter fiscal 2013 sales on November 7, 2013, and expects to report full financial results and hold its quarterly earnings conference call on November 25, 2013.
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 August 3, 2013, the Company operated a total of 525 stores in 47 states and Puerto Rico, including 464 Wet Seal stores and 61 Arden B stores.
The Wet Seal
Apparel/Garments | On 26th Jun 2017
E-commerce operators and TDS (tax deducted at source) deductors can...
Textiles | On 26th Jun 2017
The Tiruppur Exporters' Association (TEA) has again urged Union...
Textiles | On 26th Jun 2017
The export promotion schemes will continue under GST regime, said...
‘RT3 motto is: Do not check millimetres, check colours.’
Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd
Increasing prices and lack of demand main issues facing industry
'Hugo Boss works with carefully selected sourcing partners'
Technical Absorbents Ltd
Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...
Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...
InvestKonsult Sweden AB
Investkonsult Sweden AB has been buying and selling second-hand textile...
Rupa Sood and Sharan Apparao
Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...
Sonam and Paras Modi's Sva Couture is synonymous with head-turning...
"You have to truly understand what your client wants, know her needs, what ...