Joel Waller, chief executive officer commented, "I am pleased with the results we achieved in the first quarter. Our efforts to closely manage inventories and increase turns are working. Our financial results this quarter are directly attributable to these efforts and to the successes we had in the tight control of our overhead costs.
"For May, we are forecasting a low single digit comparable store sales increase and believe we will sustain a low single digit comparable store sales increase for the entire second quarter."
Store Openings: The Company opened 18 net new stores during the quarter. At May 5, 2007, the Company operated 448 stores, consisting of 356 Wet Seal stores and 92 Arden B stores.
Capital Transactions: During the first quarter, the Company repurchased 1,000,000 shares under an existing share repurchase program for a total cost of $6.4 million. Repurchases are at the option of the Company and can be discontinued at anytime.
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