Home / Knowledge / News / Apparel/Garments / Wet Seal Q4'FY13 comparable store sales drop 16.5%
Wet Seal Q4'FY13 comparable store sales drop 16.5%
21
Mar '14
The Wet Seal, Inc., a leading specialty retailer to young women, announced results for its fiscal fourth quarter and full year ended February 1, 2014. The Company noted that fiscal 2013 had 52 weeks versus 53 weeks in fiscal 2012; results for the fourth quarter and fiscal year 2012 include the additional week. 
 
Fourth Quarter 2013 
-Net sales for the 13-week fourth quarter were $124.8 million compared to net sales of $161.7 million for the 14-week fourth quarter in fiscal 2012. 
-Consolidated comparable store sales declined 16.5%, including a comparable store sales decline of 15.4% at Wet Seal and 25.0% at Arden B. Comparable store sales for the current year quarter are versus the comparable thirteen weeks from the prior year. 
-Versus the comparable thirteen week period from prior year, net sales for the fourth quarter of fiscal 2013 declined approximately 14% at Wet Seal, 43% at Arden B and 18% on a consolidated basis. 
-Gross profit was $23.4 million, or 18.8% of sales, compared to $40.1 million, or 24.8% of sales, in the fourth quarter of fiscal 2012. 
-Operating loss was $27.3 million compared to operating loss of $25.5 million in the prior year quarter. 
 
The current year and prior year quarters included $8.0 million and $8.0 million, respectively, of non-cash asset impairment charges. 
 
The prior year quarter also included a $6.6 million charge to accrue loss contingencies for several litigation matters, a $0.2 million benefit to adjust the amount of professional fees incurred to defend against a shareholder proxy solicitation to replace certain of the Company’s board members, which ultimately led to an agreement to replace four of the Company’s seven board members, $1.3 million in severance charges for a workforce reduction, and a $0.5 million charge for the early termination of two investment banker retention agreements. 
 
Non-GAAP adjusted operating loss, excluding non-cash asset impairment charges, was $19.3 million in the 2013 fourth quarter. 
 
Non-GAAP adjusted operating loss, excluding the impact of the aforementioned adjustment and charges, was $9.3 million in the 2012 fourth quarter (see reconciliation below of GAAP to non-GAAP financial measures). 
 
In the fourth quarter of fiscal 2012, the Company recorded a non-cash provision for income taxes of $71.1 million to establish a valuation allowance against its net deferred income tax assets. 
 
Click here to view full results.
 

The Wet Seal

Must ReadView All

Apparel/Garments | On 18th Feb 2017

Bangladesh apparel sector has 95% local investors: BGMEA

Over 95 per cent of the total investors in the Bangladesh apparel...

Textiles | On 18th Feb 2017

Smriti Irani resolves cutting of carpets issue at ports

During a meeting held with stake holders of the carpet weaving...

Apparel/Garments | On 18th Feb 2017

Andhra Pradesh inks MoUs to set up 12 apparel units

At the recent CII Partnership Summit held in Hyderabad, memorandum of ...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Smita Murarka
Amanté

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

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mohammad Hassan
Biax Fiberfilm

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

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Ritu Kumar
Label Ritu Kumar

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

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
February 2017

February 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