Newly Acquired Chain Helps Sales and Profit at Wet Seal
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IRVINE — The Wet Seal Inc. said Thursday that profit and sales surged in the fiscal third quarter.
The Irvine women’s apparel retailer reported that net income in the quarter ended Oct. 20 climbed to $1.8 million, or 15 cents a share, from $216,000, or 2 cents a share, in the same quarter last year. Sales more than doubled to $88.7 million from $35.4 million.
The company said third quarter results were bolstered by operations of the 237-store Contempo Casuals chain, which Wet Seal acquired in July. Profit for the first three quarters totaled $418,000, or 3 cents a share, contrasted with a net loss of $1.7 million, or 14 cents a share, a year earlier. Sales increased 69% to $163.4 million from $96.6 million.
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