Wet Seal’s same-store sales disappoint
Teen retailer The Wet Seal, Inc. (Nasdaq: WTSLA) posted a wider-than-expected decline in August comparable same-store sales. Same-store sales slumped 8.7% in the month of August, compared with an increase of 1.7% in the same month last year. Sales were wider than the mean analyst forecast for a decline of 7.5%.
Wet Seal’s Arden B business remained challenged by the ongoing difficult retail environment and by the firm’s inventory management in conjunction with its new merchandising strategy. Total sales declined 1.3% for the month compared with August of 2007.
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