The Wet Seal Inc, a leading specialty retailer to young women, announced that the Company believes its change in comparable store sales for fiscal September will be in the range of -7.5% to -8.5%, as compared to -1% to +3% as previously announced. The Company also indicated that, for fiscal October, it anticipates a decrease in comparable store sales in the range of -2% to -6%.
Primarily as a result of continued softness in average store transaction counts and lower than anticipated full-priced selling at both its Wet Seal and Arden B divisions, the Company is also lowering its fiscal third quarter earnings guidance from its prior estimate.
The Company now estimates for its fiscal third quarter it will report net income between $0.00 and $0.02 per diluted share compared to a prior estimate of between $0.07 and $0.10 per diluted share.
Joel Waller, CEO said: "During September, we have continued to experience lower year-over-year average store transaction counts. This, along with higher than originally expected promotional activity, has resulted in lowered comparable store sales and earnings expectations for the third quarter."
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