NEW YORK — Same-store sales declines of 18 percent made a fourth-quarter loss inescapable for teen retailer Wet Seal Inc.
Weak sales and an aftertax charge of $5.7 million, or 19 cents a share, for inventory write-downs drove the Foothill Ranch, Calif.-based operator of 610 stores under the Wet Seal, Arden B. and Zutopia nameplates to a loss of $5.6 million, or 19 cents a share. The retailer reported earnings of $15.3 million, or 49 cents, in the prior-year quarter. Results were in line with company guidance as well as Wall Street’s consensus estimates. Sales fell to $161.2 million, a drop of 11.2 percent from $181.5 million a year earlier. The comp decline was against a comp increase of 7 percent in 2001.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
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