Home / Knowledge / News / Apparel/Garments / Wet Seal increases fourth quarter EPS guidance
Wet Seal increases fourth quarter EPS guidance
07
Feb '11
The Wet Seal Inc, a leading specialty retailer to young women, reported net sales and comparable store sales for the four-week period ended January 29, 2011.

Susan McGalla, chief executive officer of The Wet Seal, Inc., commented: "We were pleased with our positive comparable store sales at both Wet Seal and Arden B for January and the fourth quarter, which were above our expectations. In both divisions, the momentum that began in late December continued through January.

"We are also encouraged by our very strong e-commerce sales growth of 41% for the month and 34% for the quarter, as we continue to capitalize on our multi-channel strategy."

The Company ended the year with inventory levels in line with its plans at both divisions. Wet Seal inventory per square foot increased an estimated 8% over the prior year, with much of the increase driven by January receipts this year ahead of the Chinese New Year holiday, which begins earlier than it did last year. At Arden B, inventory per square foot decreased an estimated 8% from the prior year, a planned decline following significant inventory build at the prior year end.

The Company currently estimates fourth quarter earnings before non-cash asset impairments will be $0.04 to $0.05 per diluted share, as compared to its prior guidance of at or near $0.03 per diluted share. The Company's increased guidance reflects higher than expected sales in January and a favorable shrink adjustment after completing year-end physical inventories.

The Company will incur a non-cash asset impairment charge before income taxes of an estimated $0.9 million, or $0.5 million after income taxes, which was not in its prior estimate. Including this charge, the Company estimates fourth quarter earnings will be $0.04 per diluted share.

Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a leading specialty retailer of fashionable and contemporary apparel and accessory items. As of January 29, 2011, the Company operated a total of 533 stores in 47 states and Puerto Rico, including 450 Wet Seal stores and 83 Arden B stores.

The Wet Seal Inc

Must ReadView All

Courtesy: H&M

Apparel/Garments | On 30th Mar 2017

H&M group's sales increase 7% in 3 months to Feb '17

The H&M group's sales including VAT amounted to SEK 54,369 million...

Textiles | On 30th Mar 2017

Vietnam’s textile & garment exports earn $4bn in Jan-Feb

Vietnam earned $4 billion from textile and garment exports in the...

Textiles | On 30th Mar 2017

India Inc should work for July 1 GST roll out: Fin sec

The Goods and Services Tax (GST) will take India into a very exciting ...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Larry L Kinn
Suominen Corporation

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

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Jay Ramrakhiani
Occasions Elegance Wear

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

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

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
March 2017

March 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