Printer Friendly

WET SEAL REPORTS FIRST QUARTER INCREASES IN EARNINGS, SALES AND COMP STORE SALES

 WET SEAL REPORTS FIRST QUARTER INCREASES
 IN EARNINGS, SALES AND COMP STORE SALES
 IRVINE, Calif., May 21 /PRNewswire/ -- The Wet Seal Inc. (NASDAQ: WTSLA) has announced sales and profit increases during its first quarter of fiscal 1992. The women's fashion retailer logged a 26.9 percent increase in earnings and a 46.6 percent increase in sales for the first quarter ended May 2, 1992.
 For the 13-week period, earnings were $854,000 ($.07 per share), up from $673,000 ($.06 per share), in the first quarter of 1991, and sales totalled $33,981,000, up from $23,825,000 in the comparable quarter last year, in line with analysts' expectations.
 In addition, Wet Seal announced that comparable store sales, excluding remodeled stores, increased 11.1 percent for the first quarter.
 Kathy Bronstein, Wet Seal's president and chief executive officer, said that sales began strengthening for the chain during the holiday season and consistently improved during the first quarter, particularly the last four weeks of the period, when comparable store sales rose almost 29 percent.
 "During the first quarter, we continued to offer quality merchandise and worked diligently to lower our average price point," said Bronstein. "By increasing our unit per store inventory, we offered our customers a broader and deeper selection that resulted in a significant increase in unit sales per store. This increase in unit sales more than offset the increase in selling expenses we incurred to maximize sales."
 Wet Seal ended its fiscal year on Feb. 1, 1992, with 112 stores. During the first quarter, five stores were opened, including three in Texas, the company's first in the Pacific Northwest and its 20th in Florida; two Southern California stores were closed. New stores continue to perform well, according to Bronstein.
 In addition to the five stores that opened during the first quarter, Wet Seal currently plans to open 11 more stores by the end of the year.
 "We are devoting our attention to top regional malls and will add store openings to our schedule as the right opportunities arise," said Bronstein.
 The Wet Seal Inc., headquartered in Irvine, is a specialty retailer of moderately priced, fashionable apparel for women. It currently operates 115 stores throughout California, Arizona, Nevada, Hawaii, Florida, Texas and Washington.
 THE WET SEAL INC.
 Selected Financial Data
 (Unaudited)
 13 Weeks Ended
 May 2, May 4,
 1992 1991
 Sales $33,981,000 $23,825,000
 Cost of sales (including buying,
 distribution and
 occupancy costs) 25,492,000 18,006,000
 Gross margin 8,489,000 5,819,000
 Selling, general and administrative 7,209,000 4,945,000
 Interest (income) expense, net (147,000) (252,000)
 Total 7,062,000 4,693,000
 Income before prov. for
 income taxes 1,427,000 1,126,000
 Provision for income taxes 573,000 453,000
 Net income $854,000 $673,000
 Earnings per share $0.07 $0.06
 Weighted average number of
 shares O/S 12,221,152 12,216,850
 Selected Operating Data
 Stores opened at end of period 115 97
 Average sales per square foot $79 $74
 Average sales per store 302,000 250,000
 Comparable store sales increase
 excluding remodeled stores 11.1 pct. -13.9 pct.
 Comparable store sales increase
 including remodeled stores 13.5 pct. -13.4 pct.
 Balance Sheet Data:
 Working capital $13,901,000 $16,231,000
 Inventory 11,489,000 8,140,000
 Total assets 69,713,000 56,415,000
 Long-term debt 0 2,000
 Total stockholders' equity 51,527,000 47,069,000
 -0- 5/21/92
 /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-SE -- LA011 -- 2854 05/21/92 12:49 EDT
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:May 21, 1992
Words:623
Previous Article:COASTAL COMPLETES $300 MILLION PUBLIC OFFERING
Next Article:BP GIVES OHIO GEOLOGISTS A "PIECE OF THE (LIMA) ROCK"
Topics:


Related Articles
WET SEAL ANNOUNCES THIRD QUARTER RESULTS
WET SEAL ANNOUNCES FOURTH QUARTER AND YEAR-END EARNINGS
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 SECOND QUARTER RESULTS
THE WET SEAL INC. REPORTS THIRD QUARTER RESULTS
THE WET SEAL INC. ANNOUNCES LOSS FOR FIRST QUARTER FISCAL 1994
The Wet Seal, Inc. Announces Third Quarter Results.

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