The Wet Seal Inc, a leading specialty retailer to young women, reported comparable store sales increased 1.9% for the four-week period ended June 2, 2007, compared to the four-week period ended June 3, 2006. The Company reported an 8.3% decrease in comparable store sales for fiscal May last year.
The reported comparable store sales change was within the range of the Company's most recent guidance that indicated a comparable store sales increase in the low single digits.
Net sales for the four-week period ended June 2, 2007 were $42.6 million, compared to net sales of $37.3 million reported for the four-week period ended May 27, 2006.
Joel Waller, chief executive officer of The Wet Seal Inc, commented: "Our sales for May were at the mid-point of our guidance and we expect another low single digit increase in comparable store sales for the month of June. We also continue to expect significant improvement in gross profits and operating income from that achieved last year, which is consistent with the assumptions underlying our second quarter earnings guidance."
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