The Wet Seal climbs 5% on Q3 guidance despite lower sales
Despite reporting decreased sales for September, The Wet Seal Inc. (Nasdaq:WTSLA) got a 5% boost this morning after affirming its previous third-quarter guidance.
The Foothill Ranch, Calif.-based specialty retailer said the before the bell this morning that its net sales fell 3.2% and comparable-store sales 7.5% for the five-week period ended Oct. 4 compared with last year's fiscal September.
Still, it said that relatively strong sales in parts of the country helped the company and allowed it to expect third-quarter earnings per share of between $0.05 and $0.07.
Analysts polled by Thomson First Call on average are expecting earnings per share of $0.06.
By mid-morning, The Wet Seal is at $3.26, up $0.16 from Tuesday's close. The stock has traded between $1.81 and $5.54 during the past 52 weeks.
For detailed price information and news stories on The Wet Seal, click WTSLA.
