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THE WET SEAL INC. REPORTS SECOND QUARTER EARNINGS AND SALES INCREASES

THE WET SEAL INC. REPORTS SECOND QUARTER EARNINGS AND SALES INCREASES
 IRVINE, Calif., Aug. 20 /PRNewswire/ -- The Wet Seal Inc. (NASDAQ: WTSLA) today announced a 35 percent increase in earnings and a 40.8 percent increase in sales for the second quarter, the 13 weeks ended Aug. 1, 1992.
 Earnings for the quarter totaled $1,446,000 ($.12 per share), up from $1,071,000 ($.09 per share) in the comparable period last year on sales of $38,667,000, up from $27,468,000 in the second quarter of 1991.
 For the 26-week period ended Aug. 1, 1992, earnings were $2,300,000 ($.19 per share), as compared to $1,744,000 ($.15 per share) in the first 26 weeks of 1991 on sales of $72,648,000, up from $51,293,000 in the first 26 weeks of the previous year.
 The women's fashion retailer announced that comparable store sales, excluding remodeled stores, increased 8 percent for the second quarter. For the 26 weeks ended Aug. 1, 1992, comparable store sales increased 9.2 percent.
 "We are pleased by the earnings and sales increases during this past quarter, particularly since we are aware that the nation's economy still has a long way to go before it achieves a full recovery," said Kathy Bronstein, president of the 118-store retail chain.
 Bronstein also said that the company is pleased with business in general. "All regions have shown increases and are experiencing positive comparable store sales."
 Bronstein added that the retail chain's merchandising and operations teams continue to work diligently to meet their customers' desire for good values, on-target fashions and exceptional customer service.
 Headquartered in Irvine, The Wet Seal Inc. is a specialty retailer of moderately priced, fashionable casual apparel for women. It currently operates stores in California, Nevada, Arizona, Hawaii, Florida, Texas and Washington.
 THE WET SEAL INC.
 Selected Financial Information
 Statements of Income
 (In thousands, except per share data)
 13 Weeks Ended 26 Weeks Ended
 Aug. 1, Aug. 3, Aug. 1, Aug. 3,
 1992 1991 1992 1991
 Sales 38,667 27,468 72,648 51,293
 Cost of sales
 (including buying,
 distribution, and
 occupancy costs) 28,423 20,482 53,915 38,488
 Gross margin 10,244 6,986 18,733 12,805
 Selling, general
 and administrative
 expense 8,004 5,444 15,213 10,389
 Net operating profit 2,240 1,542 3,520 2,416
 Interest income, net (177) (247) (324) (499)
 Total expenses 7,827 5,197 14,889 9,890
 Net income before taxes 2,417 1,789 3,844 2,915
 Taxes 971 718 1,544 1,171
 Net income after taxes 1,446 1,071 2,300 1,744
 Net earning per share $0.12 $0.09 $0.19 $0.15
 Weighted average
 number of
 shares 12,221,152 12,216,850 12,221,152 12,216,850
 THE WET SEAL INC.
 Selected Operating Data
 13 Weeks Ended 26 Weeks Ended
 Aug. 1, Aug. 3, Aug. 1, Aug. 3,
 1992 1991 1992 1991
 Stores opened at end
 of period --- --- 117 97
 Average sales per
 square foot $86.19 $83.05 $165.41 $157.06
 Average sales
 per store 336,000 284,000 638,000 533,000
 Comparable store
 sales increase/
 (decrease) excluding
 remodeled stores 8.0 pct. -17.9 pct. 9.2 pct. -16.0 pct.
 Comparable store
 sales increase/
 (decrease) including
 remodeled stores 10.6 pct. -17.4 pct. 11.9 pct. -15.5 pct.
 Balance Sheet Data: Aug. 1, Aug. 3,
 1992 1991
 Working capital 14,952,000 15,339,000
 Total assets 77,118,000 62,839,000
 Inventory 15,201,000 10,428,000
 Long-term debt --- ---
 Total stockholders' equity 52,973,000 48,140,000
 -0- 8/20/92
 /CONTACT: Alan Weinstein or E. Lesly Martin of The Wet Seal, 714-583-9029/
 (WTSLA) CO: The Wet Seal Inc. ST: California IN: REA SU: ERN


KJ-LS -- LA002 -- 1593 08/20/92 09:03 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
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