US: Wet Seal CEO exits, lowers Q2 earnings guidance
Teen apparel retailer The Wet Seal is looking for a new chief executive officer after the company terminated Susan McGalla's employment agreement today (23 July).
The Wet Seal has formed an office of the chairman, which will be led by Hal Kahn, the company's non-executive chairman of the board, while a replacement is found.
In addition, president and COO Ken Seipel and CFO Steve Benrubi will serve as co-principal executives and members of the office of the chairman, while a search is conducted.
The retailer's comparable store sales for July declined 13-14%. As a result, the company forecasts second quarter comparable store sales to fall 10-11%, which is at the low end of its initial guidance range.
The company has also updated its earnings guidance for the second quarter. The Wet Seal now expects a loss before non-cash asset impairment and CEO severance costs to be in the range of $0.06 and $0.07 per diluted share, compared to its initial guidance loss of between $0.03 and $0.06.
The following is a general roundup of US apparel and shoe retailers' December 2012 sales results....
The following is a general roundup of US apparel and shoe retailers' November 2012 sales results....
The following is a general roundup of US apparel and shoe retailers' October 2012 sales results....
US teen clothing retailer American Eagle Outfitters said it remains on track to deliver its fourth-quarter earnings expectations after sales rose 5%....
US based teen apparel retailer The Wet Seal has named board member John Goodman as its new CEO, replacing Susan McGalla who left the company at the end of July last year....
Ten Los Angeles based garment contractors making clothes for retailers including Dillard's, Forever 21, Ross Stores and Urban Outfitters have been accused of serious labour violations....
US teen clothing retailer American Eagle Outfitters has today (28 November) raised its full-year earnings outlook on the back of a 50% jump in third-quarter profit....
A record 247m shoppers visited US stores and websites over Black Friday weekend, up from 226m last year, according to the National Retail Federation (NRF). ...
- New wage ladder lifts workers towards living wages
- US retailers to face logistics issues into 2015
- New scenarios driving sustainability in textiles
- African apparel sector needs cooperation to thrive
- UK fashion sector prospects depend on partnerships
- Bangladesh worker dies as factory boiler ruptures
- Eight footwear factories lead on social compliance
- Global unions join forces on apparel wage poverty
- US firms eye Vietnam footwear growth ahead of TPP
- J Crew embarks on new expansion phase