Wet Seal raises fiscal Q4 earnings guidance

11 Jan '08

2 min read

The Wet Seal Inc, a leading specialty retailer to young women, reported net sales for the five-week period ended January 5, 2008, of $86.0 million, compared to net sales of $76.5 million reported for the five-week period ended December 30, 2006.

Comparable store sales increased 0.6% for the five-week period ended January 5, 2008, compared to the five-week period ended January 6, 2007. This exceeded prior guidance of low to mid single digit comparable store sales decline for the month. The Company reported a 1.3% increase in comparable store sales in fiscal December last year.

The Company is also increasing its fiscal fourth quarter earnings guidance to net income of between $0.06 to $0.08 per diluted share as compared to a previous estimate of net income of between $0.03 and $0.06 per diluted share.

Ed Thomas, chief executive officer of The Wet Seal Inc, commented: “We were pleased to have achieved positive comparable store sales in this very important fiscal month. The performance was led by strength in our Wet Seal stores during the week before Christmas and the after-Christmas selling period.

While we are encouraged by the continued comparable store sales trend improvement that began last month, we remain cautious in this difficult retail environment and anticipate a low to mid single digit decline in comparable store sales for the month of January.”

The Wet Seal Inc

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