The Wet Seal (WTSLA) Reports 11.4% Drop in March Comps
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The Wet Seal, Inc. (Nasdaq: WTSLA) reports total sales for the month of March fell 11.9% to $51.2 million. Same store sales for the period came in at down 11.4%.
Ed Thomas, CEO of The Wet Seal, Inc., commented: "During March, we built momentum from our late January strategic decision to reduce price points across almost all categories at Arden B. To complement our pricing change, in line with our new strategy, we increased unit inventory in the stores and ended the month with appropriate unit density. In dollars, however, Arden B inventory per square foot remains significantly below the prior year level. We were encouraged by continuing growth in year-over-year transactions per store and improved regular price sell-through in March, and we believe we have further opportunity to increase transactions and improve comparable store sales results in that business."
Mr. Thomas continued, "While a shift in the Easter holiday from mid-March last year to early April this year had a negative effect on Wet Seal sales in March, our results nonetheless were slightly below our expectations. Having said that, we believe our combined March and April comparable store sales will provide a better measure of early spring results for our Wet Seal business."
Ed Thomas, CEO of The Wet Seal, Inc., commented: "During March, we built momentum from our late January strategic decision to reduce price points across almost all categories at Arden B. To complement our pricing change, in line with our new strategy, we increased unit inventory in the stores and ended the month with appropriate unit density. In dollars, however, Arden B inventory per square foot remains significantly below the prior year level. We were encouraged by continuing growth in year-over-year transactions per store and improved regular price sell-through in March, and we believe we have further opportunity to increase transactions and improve comparable store sales results in that business."
Mr. Thomas continued, "While a shift in the Easter holiday from mid-March last year to early April this year had a negative effect on Wet Seal sales in March, our results nonetheless were slightly below our expectations. Having said that, we believe our combined March and April comparable store sales will provide a better measure of early spring results for our Wet Seal business."
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