Home / Knowledge / News / Apparel/Garments / Improved sales trend at Wet Seal
Improved sales trend at Wet Seal
09
Nov '09
The Wet Seal, Inc., a leading specialty retailer to young women, reported net sales and comparable store sales for the four-week period ended October 31, 2009, or fiscal October, and the fiscal third quarter ended October 31, 2009.

The Company now estimates fiscal third quarter earnings per diluted share will be $0.04. This includes $0.3 million in non-cash asset impairment charges, which were not anticipated in the Company's initial guidance. These expected results are near the high end of the Company's initial guidance range.

The Company also estimates it had year-over-year declines in inventory per square foot at Wet Seal and Arden B of approximately 4% and 2%, respectively, as of the end of the third quarter.

Ed Thomas, president and chief executive officer of The Wet Seal, Inc., commented, "Our third quarter earnings expectations reflect sales near the high end of our initial guidance, partially offset by slightly higher than expected markdown rates in response to the promotional environment. We made merchandising improvements in both divisions during the third quarter and have positioned inventories conservatively entering the very important holiday season."

Mr. Thomas continued, "We were very pleased with the improved sales trend at Wet Seal. Through inventory mix adjustments and strong sales of costumes and other Halloween-themed apparel, we achieved a significant sequential reduction in our comparable store sales decline in October despite the difficult comparison to the prior year period.

"At Arden B, we are encouraged by our positive comparable store sales, which validated our strategy, announced in August, to build inventory levels at this division over the course of the third quarter. We are also pleased that we have continued to maintain merchandise margin improvements we started to realize at the beginning of this year, leading to our third successive quarter of operating income in this division."

Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a leading specialty retailer of fashionable and contemporary apparel and accessory items. As of October 31, 2009, the Company operated a total of 500 stores in 47 states, the District of Columbia and Puerto Rico, including 420 Wet Seal stores and 80 Arden B stores.

Wet Seal Inc

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Larry L Kinn
Suominen Corporation

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

Giorgio Mantovani
Corman S.p.A

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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