The Wet Seal, Inc. (WTSLA) Reports In-Line Q2 EPS, To Explore Strategic Options

August 21, 2012 4:12 PM EDT
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The Wet Seal, Inc. (NASDAQ: WTSLA) reported Q2 EPS of ($0.07), in-line with the analyst estimate of ($0.07). Revenue for the quarter came in at $135.3 million versus the consensus estimate of $136.6 million.

The Wet Seal, Inc. sees Q3 2012 EPS of $-0.13--0.14, versus the consensus of $-0.01. The Wet Seal, Inc. sees Q3 2012 revenue of $128-133 million, versus the consensus of $144.4 million.

In addition to creating the new Office of the Chairman under Mr. Kahn’s leadership, the Company’s Board of Directors has appointed a Strategic Oversight Committee, comprised of Board members Sidney Horn, Kenneth Reiss and Henry Winterstern, which will be responsible for reviewing and making recommendations to the Board concerning the Company’s capital allocation as well as evaluating potential strategic initiatives to enhance shareholder value.

The Board has engaged the firms Guggenheim Securities, LLC and Peter J. Solomon Company, L.P. to act as financial advisors to the Company on a variety of issues, including an assessment of the Company’s capital needs, cash balance and potential strategic options to enhance shareholder value. The Committee will consider the Company’s cash position in light of its recent negative financial performance, revised operational strategy and other potential strategic opportunities available to the Company. The Committee plans to provide timely updates to stakeholders on its significant decisions and actions, as warranted.

For earnings history and earnings-related data on The Wet Seal, Inc. (WTSLA) click here.

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