• Net income tumbled to $2.6m from $4.5m
  • Net sales rose 3.4% to $146.4m from $141.5m
  • Same-store sales fell 0.1%

Teen retailer The Wet Seal Inc has posted a 42% slump in third quarter profit after being hit by impairment charges.

Excluding these charges, profit would have been $4.0m, it said.

“Through essentially flat comparable store sales, continuing year-over-year merchandise margin improvement and disciplined cost management, we continued to generate positive earnings results in spite of the difficult retail environment, said president and CEO Ed Thomas.

“Our inventories in both operating divisions [Wet Seal and Arden B] were well-positioned at the end of the quarter. In November month-to-date, our consolidated comparable store sales are positive, which we hope bodes well for the upcoming holiday selling period.”