Wet Seal shares fall after report
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Shares of Wet Seal Inc. fell in extended trading after the women’s clothing retailer lowered its third-quarter earnings guidance and estimated that same-store sales in September would be lower than forecast.
The stock declined 60 cents, or 15%, to $3.39 after hours.
Third-quarter net income will be between break even and 2 cents a share, down from 7 to 10 cents, the Foothill Ranch-based retailer predicted.
The company lowered its estimate of same-store sales, or sales at stores open at least a year, to a range of -8.5% to -7.5% from an earlier -1% to 3%.
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