The company indicated it expects a low to mid single digit increase in comparable store sales for the month of August.
During the month, the company opened three Wet Seal stores. At July 29, 2006 there were 314 Wet Seal stores and 92 Arden B stores.
The company expects, for the second quarter, it will report net earnings of approximately $0.04 per diluted share. Earnings include approximately $1.4 million in sales associated with the loyalty program change and $0.2 million related to non-cash stock compensation.
Headquartered in Foothill Ranch, California, Wet Seal Inc is a leading specialty retailer of fashionable and contemporary apparel and accessory items.
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