Wet Seal Loss Widens in Fiscal 4th Quarter
Wet Seal Inc. reported a fiscal fourth-quarter loss far deeper than Wall Street anticipated as the beleaguered teen retailer continued to struggle.
The Foothill Ranch-based parent of the Wet Seal and Arden B. chains said it lost almost $47.8 million, or $1.31 a share, in the quarter ended Jan. 29, compared with a restated loss of almost $17.7 million, or 60 cents, in the same period a year earlier. Analysts polled by Thomson First Call expected on average a loss of 48 cents a share.
Sales in the quarter fell 16.8% to $119.2 million.
For the year, the retailer lost $198.3 million, or $5.89 a share, compared with a restated loss of $47.1 million, or $1.58, the prior fiscal year.
Wet Seal shares rose 4 cents to $3.74 on Nasdaq. The earnings were released after the market’s close.
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Leslie Earnest
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