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California-based Wet Seal Comp Store sales decline in Oct
12 Nov '07
2 min read
The Wet Seal Inc a leading specialty retailer to young women, reported net sales for the four-week period ended November 3, 2007 of $41.5 million, compared to net sales of $39.8 million reported for the four-week period ended October 28, 2006.
Comparable store sales declined 5.4% for the four-week period ended November 3, 2007 compared to the four-week period ended November 4, 2006.
This was within prior guidance of negative 2% to negative 6% for the month. The Company reported a 7.5% increase in comparable store sales in fiscal October last year.
Net sales for the 13-week period ended November 3, 2007 were $150.3 million compared to net sales of $143.3 million for the 13-week period ended October 28, 2006.
Comparable store sales for the 13-week period ended November 3, 2007 declined 3.4% compared to the 13-week period ended November 4, 2006. The Company reported a 7.3% increase in comparable store sales for its fiscal third quarter last year.
The Company is also lowering its fiscal third quarter earnings guidance to a net loss of between $0.04 and $0.05 per diluted share as compared to a previous estimate of between breakeven and net income of $0.02 per diluted share. The revised guidance includes estimated asset impairment charges of approximately $0.02 per diluted share.
Edmond Thomas, chief executive officer of The Wet Seal Inc, commented: "While our comparable store sales were within our previous guidance for the month, in the few weeks since I rejoined the Company we've identified a need to further markdown inventories in our Arden B stores and, to a lesser extent, at our Wet Seal stores, in the third quarter.
Comparable store sales declined 5.4% for the four-week period ended November 3, 2007 compared to the four-week period ended November 4, 2006.
This was within prior guidance of negative 2% to negative 6% for the month. The Company reported a 7.5% increase in comparable store sales in fiscal October last year.
Net sales for the 13-week period ended November 3, 2007 were $150.3 million compared to net sales of $143.3 million for the 13-week period ended October 28, 2006.
Comparable store sales for the 13-week period ended November 3, 2007 declined 3.4% compared to the 13-week period ended November 4, 2006. The Company reported a 7.3% increase in comparable store sales for its fiscal third quarter last year.
The Company is also lowering its fiscal third quarter earnings guidance to a net loss of between $0.04 and $0.05 per diluted share as compared to a previous estimate of between breakeven and net income of $0.02 per diluted share. The revised guidance includes estimated asset impairment charges of approximately $0.02 per diluted share.
Edmond Thomas, chief executive officer of The Wet Seal Inc, commented: "While our comparable store sales were within our previous guidance for the month, in the few weeks since I rejoined the Company we've identified a need to further markdown inventories in our Arden B stores and, to a lesser extent, at our Wet Seal stores, in the third quarter.
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