The Wet Seal Inc. posted improved second-quarter results.
For the three months ended Aug. 3, the teen retailer posted net income of $958,000, or 1 cent a diluted share, against a net loss of $12.4 million, or 14 cents, a year ago. Net sales rose 1.5 percent to $137.2 million from $135.3 million. Consolidated comparable-store sales rose 3.7 percent. That includes a comps increase of 3.9 percent for Wet Seal stores and a 2 percent gain for Arden B stores.
For the six months, net income was $4.1 million, or 5 cents a diluted share, against a net loss of $12.6 million, or 14 cents, a year ago. Net sales for the period fell 1.9 percent to $277.7 million from $283.2 million.
John D. Goodman, chief executive officer, said, “Our performance reflects the benefits of our fast-fashion operating model, ongoing progress against our turnaround strategies and strong inventory management.”
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