Home / Knowledge / News / Apparel/Garments / Wet Seal reports Q1 fiscal 2007 results & provides Q2 guidance

Wet Seal reports Q1 fiscal 2007 results & provides Q2 guidance

23
May '07
The Wet Seal Inc announced results for its first fiscal quarter ended May 5, 2007 and provided guidance for its second fiscal quarter.

Financial Results:
Net income for the 13-week period ended May 5, 2007 was $7.6 million, or $0.07 per diluted share. Operating income totaled $6.6 million, or 4.8% of net sales. Net income per diluted share was at the upper end of the Company's original guidance that indicated a range between $0.04 and $0.08 per diluted share.

These results compare to a net loss of $14.0 million, or $0.22 per diluted share, for the 13-week period ended April 29, 2006.

Included in the prior year first quarter was a non-cash interest charge of $18.1 million associated with the conversion of the Company's convertible notes, a non-cash stock compensation charge of $4.1 million associated with a consulting contract that has now expired, a $2.3 million increase in sales associated with changes made to a customer loyalty program, a $0.7 million employee severance charge, and a $0.4 million reduction to a store closure reserve.

Before the effect of these items, net income for the first quarter of last year totaled $6.2 million, and adjusted operating income was $6.3 million, or 5.1% of adjusted net sales.

Comparable store sales for the 13-week period ended May 5, 2007 increased 2.7% compared to the 13-week period ended May 6, 2006. The Company reported a 20.0% increase in comparable store sales for its first fiscal quarter last year. Net sales for the 13-week period ended May 5, 2007 were $138.0 million compared with net sales of $125.1 million for the 13-week period ended April 29, 2006.


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