Comparable Store sales up at Foothill Ranch-based contemporary apparel retailer
08 Feb '07
3 min read
The Wet Seal Inc reported comparable store sales increased 3.6% for the five-week period ended February 3, 2007. The Company previously reported a comparable store sales increase of 51.4% for the four-week period ended January 28, 2006.
Net sales for the five-week period ended February 3, 2007 were $43.9 million, compared with net sales of $30.2 million for the previously reported four-week period ended January 28, 2006.
For the 14-week period ended February 3, 2007, comparable store sales increased 3.1%, compared with a previously reported 44.6% increase for the 13-week period ended January 28, 2006. Net sales for the 14-week period ended February 3, 2007 were $166.4 million, compared with previously reported net sales of $141.4 million for the 13-week period ended January 28, 2006.
For the 53-week period ended February 3, 2007, comparable store sales increased 6.1% compared with a 44.7% increase for the 52-week period ended January 28, 2006. Net sales for the 53-week period ended February 3, 2007 were $564.3 million, compared with previously reported net sales of $500.8 million for the 52-week period ended January 28, 2006.
The additional week for the 2007 periods increased total reported net sales by $9.3 million.
Joel Waller, chief executive officer of The Wet Seal, Inc. commented: "Sales at the Wet Seal division were solid in January and indicate our continued ability to quickly identify and react to fashion trends.
"At Arden B, our sales were less than expected even with aggressive promotion of remaining holiday season product and, accordingly, we are providing additional markdown accruals and have accelerated transfers to our clearance centers. Although these actions will be the single biggest factor in our earnings shortfall for the quarter, they are necessary to assure we enter the spring season in a clean inventory position. The first complete collection from our new merchant team at Arden B was introduced on February 1, 2007."
marketing@alchempro.com
