Wet Seal announces April comparable store sales decreased
10 May '07
2 min read
The Wet Seal Inc a leading specialty retailer to young women, reported comparable store sales decreased 9.6% for the four-week period ended May 5, 2007, compared to the four-week period ended May 6, 2006.
The Company reported a 17.0% increase in comparable store sales for fiscal April last year. The reported comparable store sales rate was within the range of the Company's most recent guidance that indicated a comparable store sales decrease of 8% to 10%.
Net sales for the four-week period ended May 5, 2007 were $39.2 million, compared to net sales of $41.7 million reported for the four-week period ended April 29, 2006.
Comparable store sales for the 13-week period ended May 5, 2007 increased 2.7% compared to the 13-week period ended May 6, 2006. The Company reported a 20.0% increase in comparable store sales for its first fiscal quarter last year.
Net sales for the 13-week period ended May 5, 2007 were $138.0 million compared with net sales of $125.1 million for the 13-week period ended April 29, 2006.
Joel Waller, chief executive officer of The Wet Seal, Inc, commented: "With Easter being one week earlier this year, there was a shift in sales from April into March, causing a distortion in reported results in each of these months."
"For the combined two month period, comparable store sales increased 1.7%. We continue to believe our fashions at Wet Seal and Arden B are trend right and we expect we will continue to see increases in comparable store sales in our second fiscal quarter."
The Company plans to report operating results for the first quarter fiscal 2007 before the market opens on Wednesday, May 23, 2007, followed by a conference call at 8:00 a.m. Pacific Daylight Time.
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