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Wet Seal reports same-store sales up 29.8% for Q1
28 May '05
7 min read
fiscal 2005 outlook
the company is currently not providing any go forward estimates for operating results, however the following should be noted:
- subsequent to april 30, 2005 the company's cash position improved as a result of its closing of a previously announced $31.0 million preferred stock financing. the company received, after retiring its $10.0 million bridge loan facility and accrued interest, approximately $18.9 million in proceeds before transaction expenses. the additional funds and the current trend of the company's business have significantly improved its liquidity position.
- the company anticipates it will continue to have significant non-cash stock compensation charges associated with stock grants to its board of directors, employees and consultants.
- the company previously reported it anticipated incurring interest expense of approximately $12.1 million for the company's fiscal year ending january 31, 2006, a result of the series of debt financings and related transaction costs during fiscal 2004. as a result of the retirement of its bridge loan facility, the company now anticipates it will incur net interest charges for its fiscal year ending january 31, 2006 of approximately $6.0 million. approximately $4.3 million of projected interest expense will have no cash effect for the 52-week period ending january 31, 2006.
headquartered in foothill ranch, the wet seal inc is a leading specialty retailer of fashitaitailer of fashionable and contemporary apparel and accessory items. the company currently operates a total of 398 stores in 46 states, the district of columbia and puerto rico, including 307 wet seal stores and 91 arden b. stores.
the company is currently not providing any go forward estimates for operating results, however the following should be noted:
- subsequent to april 30, 2005 the company's cash position improved as a result of its closing of a previously announced $31.0 million preferred stock financing. the company received, after retiring its $10.0 million bridge loan facility and accrued interest, approximately $18.9 million in proceeds before transaction expenses. the additional funds and the current trend of the company's business have significantly improved its liquidity position.
- the company anticipates it will continue to have significant non-cash stock compensation charges associated with stock grants to its board of directors, employees and consultants.
- the company previously reported it anticipated incurring interest expense of approximately $12.1 million for the company's fiscal year ending january 31, 2006, a result of the series of debt financings and related transaction costs during fiscal 2004. as a result of the retirement of its bridge loan facility, the company now anticipates it will incur net interest charges for its fiscal year ending january 31, 2006 of approximately $6.0 million. approximately $4.3 million of projected interest expense will have no cash effect for the 52-week period ending january 31, 2006.
headquartered in foothill ranch, the wet seal inc is a leading specialty retailer of fashitaitailer of fashionable and contemporary apparel and accessory items. the company currently operates a total of 398 stores in 46 states, the district of columbia and puerto rico, including 307 wet seal stores and 91 arden b. stores.
Wet Seal Inc
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