May 27 Women's apparel retailer Wet Seal Inc
reported a bigger-than-expected quarterly loss, hurt by
a double-digit fall in comparable-store sales.
Wet Seal shares fell 20 percent in extended trading after
the company also forecast a bigger-than-expected loss for the
The company said it expected a current-quarter loss of 9
cents to 12 cents per share, including a 2 cents per share loss
from the Arden B business.
Analysts on average were expecting a loss of 4 cents per
share, according to Thomson Reuters I/B/E/S.
Wet Seal posted a net loss of $21.8 million, or 26 cents per
share, for the first quarter ended May 3, compared with net
income of $3.11 million, or 3 cents per share, a year earlier.
Net sales fell 16.8 percent to $116.7 million, while
comparable-store sales decreased 16.9 percent.
Analysts had expected a loss of 18 cents per share.
In April, Wet Seal said it would exit its clothing brand
Arden B and convert its 54 Arden B stores to Wet Seal
Wet Seal shares closed at $1.01 on the Nasdaq on Tuesday.
(Reporting by Shailaja Sharma in Bangalore; Editing by Sriraj