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Wet Seal to enhance store productivity at Arden B
30 May '08
3 min read
Mr. Thomas continued, "We will continue to focus our efforts on cost-cutting initiatives and store productivity enhancements at Wet Seal and Arden B. In addition, we plan to remain highly disciplined in our inventory management, with the assumption that the retail environment will remain challenging throughout the remainder of the year.
That said, we are advancing on our goal of phasing in a better merchandise assortment in Arden B, and we remain focused on several ongoing initiatives to enhance sales productivity at Wet Seal."
The Company generated cash flows from operations of $10.8 million during the first quarter of fiscal 2008 and ended the quarter with $109.7 million of cash and cash equivalents and $3.8 million of long-term debt, comprised of convertible notes, net of discount.
The Company's cash equivalents as of May 3, 2008, included no exposure to auction rate securities. As of the end of the prior year first quarter, the Company had cash, cash equivalents and marketable securities of $103.7 million and long-term debt, comprised of convertible notes, net of discount, of $2.9 million.
The Company ended the first quarter with inventories of $34.4 million, representing a 13.2% decrease in inventory per square foot versus the end of the prior year first quarter.
Store Openings:
The Company opened two net new stores during the first quarter. At May 3, 2008, the Company operated 496 stores in 47 states, the District of Columbia and Puerto Rico, including 401 Wet Seal stores and 95 Arden B stores.
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That said, we are advancing on our goal of phasing in a better merchandise assortment in Arden B, and we remain focused on several ongoing initiatives to enhance sales productivity at Wet Seal."
The Company generated cash flows from operations of $10.8 million during the first quarter of fiscal 2008 and ended the quarter with $109.7 million of cash and cash equivalents and $3.8 million of long-term debt, comprised of convertible notes, net of discount.
The Company's cash equivalents as of May 3, 2008, included no exposure to auction rate securities. As of the end of the prior year first quarter, the Company had cash, cash equivalents and marketable securities of $103.7 million and long-term debt, comprised of convertible notes, net of discount, of $2.9 million.
The Company ended the first quarter with inventories of $34.4 million, representing a 13.2% decrease in inventory per square foot versus the end of the prior year first quarter.
Store Openings:
The Company opened two net new stores during the first quarter. At May 3, 2008, the Company operated 496 stores in 47 states, the District of Columbia and Puerto Rico, including 401 Wet Seal stores and 95 Arden B stores.
Click here to view more:
Wet Seal Inc
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