US: Wet Seal narrows Q4 loss despite sales slump
- Q4 net loss of US$27.5m versus $85.8m
- Sales declines 22.8% to $124.8m
- Comparable store sales falls 16.5%
Specialty apparel retailer The Wet Seal has narrowed its loss during the fourth quarter, after lower expenses offset a double-digit decline in sales.
Selling, general and administrative expenses fell 25.8% to $42.7m during the 13 weeks to 1 February, while asset-impairment charges edged down 0.1% to $8m.
Meanwhile, net sales at Wet Seal and Arden B declined a respective 14% and 43%.
"Although we concluded fiscal 2013 with a difficult fourth quarter, we made substantial progress during the year against our turnaround strategies, which provides a strong foundation for the business," said company CEO John Goodman.
"In light of the difficulties we faced, and which continue to impact us in the first quarter, we are taking action to respond to ongoing macro pressures and the changing retail environment.
The retailer said it expects to report a net loss of $0.16-0.19 for the first quarter of fiscal 2014, assuming anticipated comparable store sales, which includes e-commerce, in the negative mid- to high-teens.
Separately, Wet Seal has entered into an agreement to raise as much as $27m in a private placement as part of its strategic plan to drive e-commerce growth, transform its real estate portfolio and pursue opportunity in the plus-size market.
Pacific Sunwear of California's senior vice president of women's merchandising and design, Christine Lee, has stepped down to take up a new role at The Wet Seal....
Plimsoll Publishing’s PROTECTIVE CLOTHING (UK) Analysis provides a detailed overview of the PROTECTIVE CLOTHING (UK) market and delivers a comprehensive individual analysis on the top 390 companies, i...
Specialty apparel retailer The Wet Seal swung to a "disappointing" loss during the first quarter, after "disruptive" weather and soft traffic dampened sales....
- Impact of the TPP on the US textile industry?
- Cambodia's future outsourcing prospects uncertain
- JC Penney emphasises new merchandising strategy
- Crystal Group nurtures its caring culture
- Hazardous chemical removal a key industry issue
- Vietnam proposes 15% rise to regional minimum wage
- Hong Kong's Li & Fung reports "solid" H1
- Cambodia garment workers “dying on the job”
- Avery Dennison forms JV with Ningbo Shenzhou
- Accord and Alliance discord over inspections
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- Textile Wholesaling in the UK - Industry Market Research Report
- Global market review of denim and jeanswear – forecasts to 2020
- Survey of the European Fabric Fairs: Spring/Summer 2015
- Prospects for the Textile and Clothing Industry in Turkey