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Wet Seal July comparable store sales jump 6.4%

Aug '06
Wet Seal Inc, a leading specialty retailer to young women, reported that comparable store sales increased 6.4% for the four-week period ended July 29, 2006, compared with an increase of 50.9% in the same period a year ago.

Net sales for the four-week period ended July 29, 2006 were $44.2 million, compared with net sales of $37.1 million in the same period last year, an increase of 19.2%.

Comparable store sales for the second fiscal quarter ended July 29, 2006 decreased 2.2% versus a 55.9% increase in the same period a year ago. Net sales for the second quarter ended July 29, 2006 were $129.5 million compared with net sales of $126.3 million in the same period last year, a 2.5% increase.

Joel Waller, CEO of Wet Seal Inc, said, "With the proper mix of inventory at the Wet Seal division, our overall sales rebounded this month with particularly strong sales performance in the area of fashion tops and dresses. At Arden B, comparable sales turned positive when fall goods began to arrive in our stores during the third week of the month. Our stores are currently being set with the complete fall collection and, if initial trends hold, the new collection at Arden B will generate strong fall sales for this division."

A prior change to a customer loyalty program resulted in an additional $1.4 million in recorded sales for the month. The sales increase associated with this change was not included in the calculation of comparable store sales for Julyand the quarter.

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