The Wet Seal Inc. posted a first-quarter net loss, impacted by asset impairment charges and Arden B. exit costs.
For the three months ended May 3, the net loss was $21.8 million, or 26 cents a diluted share, from net income of $3.1 million, or 3 cents, a year ago. Excluding the asset impairment charges in both quarters and the Arden B. exit costs in the current quarter, the net loss was $15.1 million, or 18 cents a diluted share, from net income of $1.3 million, or 1 cent, a year ago. Net sales for the quarter were down 16.9 percent to $116.7 million from $140.4 million. Consolidated comparable store sales fell 16.9 percent, including a 16.5 percent decline at Wet Seal.
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)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"