Foothill Ranch based Wet Seal net sales up in Dec

08 Jan '07

1 min read

The Wet Seal Inc reported comparable store sales increased 1.3% for the five-week period ended December 30, 2006, compared with an increase of 38.5% last year. Net sales for the five-week period ended December 30, 2006 were $76.5 million, compared with net sales of $69.9 million in the same period last year, an increase of 9.4%.

Joel Waller, chief executive officer of The Wet Seal Inc commented: "Although we saw a modest increase in the average number of transactions per store, it was somewhat below our expectation. We believe warmer weather throughout the country had a negative impact on sales particularly in the sweater category. Finally, we saw a double digit increase in gift card sales and this should provide an increase in sales when cards are redeemed in January."

During the month, the Company opened 5 Wet Seal and 2 Arden B stores and closed 2 Wet Seal and 1 Arden B stores. At December 30, 2006, there were 336 Wet Seal stores and 93 Arden B stores.

The Company expects that, for January, it will have a comparable store sales increase in the low to mid single digits.

The Wet Seal Inc

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