Despite Q1 net sales decrease, Wet Seal has positive outlook
FOOTHILL RANCH, Calif. — The Wet Seal’s CEO focused on the positive following the company’s first quarter results for the period ended May 4.
The company posted net sales of $140.4 million for the quarter, a 5.4% decrease from $147.9 million for the quarter ended April 28, 2012. Consolidated comparable store sales decreased 2.9% for the quarter. Arden B saw a 0.9% increase of same-store sales, compared with an 11.4% decrease for the quarter ended April 28 last year. Same-store sales at Wet Seal decreased by 3.4% for the quarter, compared with a 7% decrease for the quarter ended April 28 last year.
“We are pleased with the operating and financial momentum we’re beginning to experience,” said CEO John D. Goodman. “We have made good progress in a short period of time throughout the organization. Our teams have executed well and delivered improvement in virtually every aspect of the business, including product, inventory management, merchandising, marketing, in-store presentation and customer engagement. This allowed us to exceed our financial guidance in the first quarter and forecast a return to positive comp store sales earlier than planned in the second quarter of 2013.”
Headquartered in Foothill Ranch, Calif., The Wet Seal operates exclusively in the retail apparel industry in which it sells fashionable and contemporary apparel and accessories items, primarily through mall-based chains of retail stores, to female consumers with young, active lifestyles. During the first quarter of fiscal 2013, the company opened two Wet Seal stores and closed six. The company operates 526 stores in 47 states and Puerto Rico, including 464 Wet Seal stores and 62 Arden B stores as well as its e-commerce sites.