Trendy young women's apparel retailer The Wet Seal Inc announced results for its fourth fiscal quarter and full fiscal year ended January 28, 2006.
The Company reported a quarterly net loss of $2.8 million, or $0.05 per diluted share, which included $6.8 million in non-cash stock compensation charges, $3.1 million in non-cash interest charges associated with conversions of its convertible notes and $0.6 million in asset impairment charges.
Fourth quarter operating income was $0.7 million, including a $6.8 million non-cash stock compensation charge. Before this charge, operating income was $7.4 million, or 5.3 percent of net sales.
For the fiscal year, the Company reported a net loss attributable to common stockholders of $52.9 million, or $1.19 per share, which included $24.3 million in non-cash stock compensation charges, $8.8 million in non-cash interest charges associated with conversions of its convertible notes, $23.3 million in accretion of non-cash dividends on convertible preferred stock, $4.5 million in store closure costs and $1.0 million in asset impairment charges.
Financial and Operating Summary for the 13-Week Period Ended January 28, 2006
Net sales for the 13 weeks ended January 28, 2006 were $141.4 million, compared with net sales of $119.2 million for the comparable prior year period, an 18.6 percent increase. Sales increased over the prior year's quarter due to a 44.6 percent increase in comparable store sales,offset by the effects of stores closed.
marketing@alchempro.com
