WET SEAL SEES EARNINGS DOWN IN SECOND QUARTER
NEW YORK — Wet Seal said it expects earnings to tumble about 80 percent in the second quarter that will end July 29.
The juniors chain, based in Foothill Ranch, Calif., said earnings would range between 3 to 7 cents a share, well below Wall Street’s consensus estimates of 26 cents. In the year-ago quarter, it earned $3.7 million, or 29 cents, on sales of $126.9 million.
Wet Seal said same-store sales declined 3 percent to date versus an 8.5 percent decrease the prior year.
“We have experienced positive same-store sales for the last four weeks, and that trend appears to be continuing,” said Kathy Bronstein, chief executive, in a statement. “We have taken the necessary markdowns to clear the summer inventory and we are optimistic about our fall merchandise assortment, which is currently arriving in our stores.”