By  on May 27, 2014

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.

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