February 12, 2011 by staff
Wetseal, The Wet Seal, Inc. (NASDAQ: WTSLA), announced that the Company would host a conference call Thursday, March 24, 2011; at 16:30 Eastern Time to discuss fourth quarter fiscal 2010 results, followed by a question and answer session. To participate in the conference call, please dial (888) 352-6793 and provide ID # 1273537. A broadcast of the call will also be available on the website of the Company, www.wetsealinc.com. A replay of the teleconference will be available until March 31, 2011. To access the replay, please call (888) 203-1112 or (719) 457-0820 and provide the ID number above.
About Wet Seal
Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a leading specialty retailer of fashion items and contemporary clothing and accessories. As of January 29, 2011, the Company operated a total of 533 stores in 47 states and Puerto Rico, including 450 Wet Seal stores and 83 Arden B stores. The Company’s products can also be purchased online at www.wetseal.com or www.ardenb.com. For more company information, visit www.wetsealinc.com
Clothing retailer Wet Seal Inc. said Thursday that revenue from stores open at least a year rose 6.2 percent in January that sales at both its name and Arden B chains has exceeded the expectations of the business and Wall Street.
Analysts polled by Thomson Financial expected the company to announce that the measure fell 4 percent in the period.
Sales at stores open at least a year is a key measure of a retailer’s health because it does not include stores that opened or closed last year.
Total sales rose 14.6 percent to 35.4 million in January. Online sales rose 41 percent.
For the fourth quarter, revenue at stores open at least a year rose 2.3 percent as total sales rose to 9.6 percent and 165.5 million. Analysts polled by Thomson expect revenue of $ 156 million.
The Company believes that inventories per square foot Wet Seal stores increased 8 percent from levels a year earlier. The company said it was mainly due to planning for Chinese New Year holiday. The Company believes Arden B stores had a decline in stocks of 8 percent a year earlier, which was part of a compensation plan stocks accumulated at the end of last year.
The shares rose 17 cents, or 5 percent, to 3.62 and in the morning trade.
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