UPDATE: The Wet Seal (WTSL) Posts Q3 adj.-Loss of 28c/Share
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The Wet Seal (NASDAQ: WTSL) reported Q3 EPS of ($0.28), versus the analyst estimate of ($0.26). Revenue for the quarter came in at $104.3 million versus the consensus estimate of $97.2 million.
Comps fell 14.5 percent.
As previously disclosed by the Company, the Company has engaged the services of outside advisors, including Houlihan Lokey and FTI Consulting to assist it in analyzing potential strategic and financial alternatives. Such strategic and financial alternatives include, among other things, consideration of out-of-court restructurings as well as bankruptcy court proceedings to recapitalize or restructure the Company’s indebtedness and other obligations. As described in the Company’s Quarterly Report on Form 10-Q filed by the Company today with the Securities and Exchange Commission, in an effort to address its immediate liquidity needs, the Company is, with the assistance of its strategic advisors, engaged in discussions with third parties, as well as key financial stakeholders. Uncertainty exists as to the outcome of such efforts and discussions and no assurances can be given that such efforts and discussions will successfully result in a transaction, or if they do result in a transaction, as to its terms or timing. If the Company is unsuccessful in the very near term in its efforts to address its immediate liquidity needs or otherwise experiences delays and difficulties in such efforts, the Company may deem it advisable to seek a restructuring or other relief under the provisions of the U.S. Bankruptcy Code. Investors are urged to read the Company’s most recent Quarter Report on Form 10-Q for further disclosures regarding the factors, risks and uncertainties which could impact the outcome of such efforts and discussions and the Company’s financial condition.
For earnings history and earnings-related data on The Wet Seal (WTSL) click here.
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