The Wet Seal, Inc. (Nasdaq:WTSLA), a leading specialty retailer to young women, reported net sales and comparable store sales for the five-week period ended April 5, 2008, or fiscal March, as follows:
|
Net Sales |
Comparable Store Sales
% Change |
|||||||||||
|
$ in Millions |
% Change From Last Year |
This Year |
Last Year |
|||||||||
| March: | ||||||||||||
| Wet Seal | $47.6 | 7.3% | -7.3% | 14.0% | ||||||||
| Arden B | 10.5 | -20.6% | -23.0% | 1.8% | ||||||||
| Total | $58.1 | 0.9% | -10.8% | 10.9% | ||||||||
Ed Thomas, chief executive officer of The Wet Seal, Inc., commented: “We continue to experience the effects of a difficult retail environment. In addition, we believe an unusually early Easter holiday this year negatively impacted March performance, which also was up against our strongest comparable store sales month in the prior year. As expected, March results in our Arden B division again were affected by inventory assortment weaknesses in fashion basic and wear-to-work product, which we believe we will begin to correct with deliveries starting in late April.”
Mr. Thomas continued, “Consistent with our approach since late last year, we are managing our inventories and overall business with an expectation that this challenging retail environment will continue.”
Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a leading specialty retailer of fashionable and contemporary apparel and accessory items. As of April 5, 2008, the Company operated a total of 495 stores in 47 states, the District of Columbia and Puerto Rico, including 400 Wet Seal stores and 95 Arden B stores. The Company’s products can also be purchased online at www.wetseal.com or www.ardenb.com. For more company information, visit www.wetsealinc.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements that relate to the intent, belief, plans or expectations of the Company or its management. All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors beyond the Company’s control. Accordingly, the Company’s future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission. This news release contains results reflecting partial year data and non-fiscal data that may not be indicative of results for similar future periods or for the full year. The Company will not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
The Wet Seal, Inc.
Steven H. Benrubi, 949-699-3947


