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Wet Seal provides in-line Q2 earnings guidance

09
Aug '07
The Wet Seal Inc, a leading specialty retailer to young women, reported comparable store sales decreased 7.2% for the four-week period ended August 4, 2007, compared to the four-week period ended August 5, 2006. The Company reported a 6.4% increase in comparable store sales in fiscal July last year.

The reported same store sales change compares to guidance that indicated a decrease in the low to mid single digits. Net sales for the four-week period ended August 4, 2007 were $46.2 million, compared to net sales of $44.2 million reported for the four-week period ended July 29, 2006.

Comparable store sales for the 13-week period ended August 4, 2007 decreased 1.7% compared to the 13-week period ended August 5, 2006. The Company reported a 2.2% decrease in comparable store sales for its second fiscal quarter last year. Net sales for the 13-week period ended August 4, 2007 were $143.3 million compared to net sales of $129.5 million for the 13-week period ended July 29, 2006.

Joel Waller, chief executive officer of The Wet Seal, Inc., commented: "Sales for the month for both the Wet Seal and Arden B brands reflect reduced transaction counts. We estimate earnings per diluted share for the quarter between $0.05 to $0.07 per share, which would be within the range of our original guidance."

The Company plans to report operating results for its fiscal second quarter and provide earnings and sales guidance for its fiscal third quarter before the market opens on Thursday, August 23, 2007, followed by a conference call at 8:00 a.m. Pacific Daylight Time.

The Wet Seal Inc


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