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Wet Seal reports same-store sales up 29.8% for Q1
28 May '05
7 min read
during the 13-week period ended april 30, 2005, the company opened 1 arden b. store, closed 101 wet seal and 4 arden b. stores. at april 30, 2005, the company operated 307 wet seal stores and 91 arden b. stores.
net sales for the 13-weeks ended april 30, 2005 were $103.8 million, compared with net sales of $99.9 million for the same period last year, a 3.9 percent increase. although the company closed 153 wet seal stores, sales increased over the prior year's quarter due to the significant increase in comparable store sales. the growth in comparable store sales was driven by increased transaction counts in both the wet seal and arden b. businesses.
gross profit margin dollars increased $18.3 million over last year and, as a percentage of sales, increased in excess of a 1,700 basis points to 31.4%. a number of factors contributed to the improvement: 1) higher average store sales due to comparable store sales growth, 2) the closing of 153 low volume, unprofitable stores, 3) leveraged benefits, primarily on occupancy costs, due to increased sales volume and, 4) lower markdown volume in the wet seal division.
selling, general and administrative (sg&a) expenses decreased 12.5% to $34.2 million, or 32.9% of sales for the 13-week period ended april 30, 2005 compared to $39.1 million, or 39.1% of sales for the same period a year ago. store level operating expenses decreased $5.6 million to 24.5% of sales, or 650 basis points from a year ago.
<5 compared to $39.1 million, or 39.1% of sales for the same period a year ago. store level operating expenses decreased $5.6 million to 24.5% of sales, or 650 basis points from a year ago.
net sales for the 13-weeks ended april 30, 2005 were $103.8 million, compared with net sales of $99.9 million for the same period last year, a 3.9 percent increase. although the company closed 153 wet seal stores, sales increased over the prior year's quarter due to the significant increase in comparable store sales. the growth in comparable store sales was driven by increased transaction counts in both the wet seal and arden b. businesses.
gross profit margin dollars increased $18.3 million over last year and, as a percentage of sales, increased in excess of a 1,700 basis points to 31.4%. a number of factors contributed to the improvement: 1) higher average store sales due to comparable store sales growth, 2) the closing of 153 low volume, unprofitable stores, 3) leveraged benefits, primarily on occupancy costs, due to increased sales volume and, 4) lower markdown volume in the wet seal division.
selling, general and administrative (sg&a) expenses decreased 12.5% to $34.2 million, or 32.9% of sales for the 13-week period ended april 30, 2005 compared to $39.1 million, or 39.1% of sales for the same period a year ago. store level operating expenses decreased $5.6 million to 24.5% of sales, or 650 basis points from a year ago.
<5 compared to $39.1 million, or 39.1% of sales for the same period a year ago. store level operating expenses decreased $5.6 million to 24.5% of sales, or 650 basis points from a year ago.
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