Printer Friendly

WET SEAL ANNOUNCES FOURTH QUARTER AND YEAR-END EARNINGS

 WET SEAL ANNOUNCES FOURTH QUARTER AND YEAR-END EARNINGS
 IRVINE, Calif., March 20 /PRNewswire/ -- The Wet Seal Inc.


(NASDAQ: WTSLA) announced that earnings for its fourth quarter, the 13 weeks ended Feb. 1, 1992, were $1,278,000 ($.10 per share), a 9.9 percent increase over $1,163,000 ($.09 per share) in the comparable quarter last year.
 Earnings for the fiscal year ended Feb. 1, 1992, were $4,229,000 ($.35 per share), a 41.1 percent decline from earnings of $7,181,000 ($.65 per share) during the previous fiscal year.
 The company previously announced sales of $35,249,000 for the fourth quarter ended Feb. 1, 1992, a 23.8 percent increase over sales of $28,466,000 during the 13-week period ended Feb. 2, 1991. Sales for the 52-week period ended Feb. 1, 1992, were $119,893,000, an 11.6 percent increase over sales of $107,437,000 for the previous 52-week period ended Feb. 2, 1991.
 The women's apparel retail chain announced that comparable store sales, excluding remodeled stores, declined 4.0 percent during the fourth quarter and declined 11.9 percent for fiscal year 1991.
 According to Irv Teitelbaum, Wet Seal's chairman, comparable store sales have moved to the positive side. "During the last half of the fourth quarter and the first half of the current quarter we've witnessed improvement in customer traffic and have enjoyed improved comparable store sales."
 Wet Seal began fiscal 1991 with 93 stores. It opened 21 new locations, including 14 in Florida and its first three in Texas, and closed two in California. In addition, four stores were expanded and remodeled. New stores in Florida and Texas continue to perform well.
 The company's financial situation remains strong, with $14 million in working capital and no long-term debt. Wet Seal held to its long- term strategy during a very tough economic time, particularly in Southern California.
 Wet Seal's expansion will continue during 1992, with approximately 19 new stores scheduled to open. The company will open its first store in the Pacific Northwest in early April in Seattle's Southcenter Mall.
 The Wet Seal Inc., headquartered in Irvine, is a specialty retailer of moderately priced, fashionable apparel for women. It currently operates 113 stores throughout California, Arizona, Nevada, Hawaii, Florida and Texas.
 THE WET SEAL INC.
 Selected Financial Data
 (Unaudited)
 (In thousands, except per share data)
 13 Weeks Ended 52 Weeks Ended
 Feb. 1, Feb. 2, Feb. 1, Feb. 2,
 1992 1991 1992 1991
 Sales $35,249 $28,466 $119,893 $107,437
 Cost of sales
 (including buying,
 distribution, and
 occupancy costs) 25,790 20,968 89,259 74,749
 Gross margin 9,459 7,498 30,634 32,688
 Selling, general
 and administrative 7,508 5,869 24,498 20,781
 Interest (income)
 expense, net (180) (314) (926) (94)
 Total 7,328 5,555 23,572 20,687
 Income before prov.
 for income taxes 2,131 1,943 7,062 12,001
 Provision for
 income taxes 853 780 2,833 4,820
 Net income $1,278 $1,163 $4,229 $7,181
 Earnings per share $0.10 $0.09 $0.35 $0.65
 Weighted average
 number of
 shares O/S 12,216,897 12,216,850 12,216,862 11,058,800
 THE WET SEAL INC.
 Selected Operating Data
 Stores opened at end
 of period --- --- 112 93
 Average sales per
 square foot $83.59 $91.95 $330.01 $404.82
 Average sales
 per store 317,000 308,000 1,181,000 1,297,000
 Comparable store
 sales increase
 excluding remodeled
 stores -4.0 pct. -13.4 pct. -11.9 pct. 2.8 pct.
 Comparable store
 sales increase
 including remodeled
 stores -3.0 pct. -10.4 pct. -10.5 pct. 6.7 pct.
 Balance Sheet Data:
 Working capital $13,953,000 $16,968,000
 Inventory 6,527,000 5,772,000
 Total assets 63,168,000 54,806,000
 Long-term debt 0 633,000
 Total stockholders' equity $50,673,000 $46,396,000
 -0- 3/20/92
 /CONTACT: Alan Weinstein, CFO, or E. Lesly Martin of The Wet Seal, 714-583-9029/
 (WTSLA) CO: The Wet Seal Inc. ST: California IN: REA SU: ERN


CH -- LA008 -- 0003 03/20/92 09:58 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 20, 1992
Words:700
Previous Article:AMERICAN DENTAL LASER REPORTS 1991 EARNINGS
Next Article:IMAGINARY FEW TO MAKE FIRST DETROIT-AREA DEBUT AT METROPOLITAN MUSICAFE
Topics:


Related Articles
WET SEAL ANNOUNCES THIRD QUARTER RESULTS
WET SEAL REPORTS FIRST QUARTER INCREASES IN EARNINGS, SALES AND COMP STORE SALES
THE WET SEAL INC. REPORTS SECOND QUARTER EARNINGS AND SALES INCREASES
THE WET SEAL INC. ANNOUNCES THIRD QUARTER EARNINGS AND SALES
THE WET SEAL ANNOUNCES EARNINGS AND SALES FOR YEAR END AND FOURTH QUARTER
THE WET SEAL INC. REPORTS FIRST QUARTER '93 RESULTS
THE WET SEAL INC. REPORTS THIRD QUARTER RESULTS
THE WET SEAL INC. ANNOUNCES LOSS FOR YEAR-END AND FOURTH QUARTER
THE WET SEAL, INC. ANNOUNCES EXPECTED EARNINGS OF $0.42 PER SHARE FOR FOURTH QUARTER FISCAL 199S
THE WET SEAL, INC. ANNOUNCES AUDITED EARNINGS OF $0.43 PER SHARE FOR FOURTH QUARTER FISCAL 1995 AND $0.47 PER SHARE FOR FISCAL YEAR 1995

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters