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

Apparel/Garments | On 22nd Sep 2017

Govt announces new duty drawback rates for garments

The Government of India has today announced the new duty drawback...

Courtesy: ITMA

Textiles | On 22nd Sep 2017

ITMA 2019 to focus on smart garment technologies

ITMA 2019, the world's largest textile and garment technology...

Apparel/Garments | On 22nd Sep 2017

New US FTC rule for RN used on textile product labels

The US Federal Trade Commission recently streamlined requirements...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Steve Cole
Xerium Technologies

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

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Pranav Mishra
Huemn

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

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search