Home / Knowledge / News / Apparel/Garments / Arden B generates fourth successive profitable quarter
Arden B generates fourth successive profitable quarter
26
Mar '10
The Wet Seal Inc a leading specialty retailer to young women, announced results for its fiscal fourth quarter and full year ended January 30, 2010, and introduced guidance for the first quarter of fiscal 2010.

For the fourth quarter:

• Net sales were $151.0 million compared to net sales of $154.9 million for the prior year fourth quarter.
• Consolidated comparable store sales decreased 4.5%. Comparable store sales for Wet Seal decreased 6.7% and for Arden B increased 8.8%.
• Operating income was $9.6 million, or 6.4% of net sales, compared to $4.6 million, or 3.0% of net sales, in the prior year fourth quarter.
• The current year and prior year quarters included $0.5 million and $4.8 million, respectively, in non-cash asset impairment charges.
• Net income, including a non-cash tax benefit to reverse a deferred tax valuation allowance of $71.3 million, was $80.8 million, or $0.79 per diluted share, as compared to $4.3 million, or $0.04 per diluted share, in the prior year quarter. Excluding the tax benefit and $0.5 million in asset impairment charges, net income was $10.0 million, or $0.10 per diluted share, in the fourth quarter of fiscal 2009, which exceeded guidance of $0.08 to $0.09 per diluted share. For the fourth quarter of fiscal 2008, excluding the $4.8 million in asset impairment charges, net income was $9.1 million, or $0.09 per diluted share.

Ed Thomas, chief executive officer, commented, "We are pleased with our fourth quarter results, which reflect continued momentum in our turn-around of the Arden B business and progress with merchandising improvements at Wet Seal.

"The Arden B division posted its strongest comparable store sales quarter of the year and generated a fourth successive profitable quarter, with operating income of $1.9 million, or 7.7% of revenues. At Wet Seal, the fourth quarter operating results were the strongest of the year, and we believe merchandise mix improvements made by the end of the year positioned that division well to start fiscal 2010."

Mr. Thomas concluded, "I am encouraged by the solid start to fiscal 2010 in February, in which Wet Seal comparable store sales turned positive and Arden B continued to generate solid comparable stores sales increases. We feel very comfortable with our increased inventory positions, following previously diminished levels, which we believe provide opportunity for continued comparable store sales growth at both divisions."

Click here for more details.

Wet Seal Inc

Must ReadView All

President Donald Trump; Courtesy: White House

Textiles | On 23rd Jan 2017

US textile industry eager to work with President Trump

The US textile industry is eager to work with President Donald Trump...

Textiles | On 23rd Jan 2017

China’s cotton imports down 39% in 2016

China’s total cotton imports declined by 39.1 per cent to ...tons in...

Textiles | On 23rd Jan 2017

MagnaColours develops new sustainability standard

MagnaColours, manufacturer of printing inks and ink bases, discharge...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Robert Brunner
Devereux

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

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