US: Wet Seal warns of larger Q4 loss on sales declines
Wet Seal said it experienced a difficult fourth-quarter
The Wet Seal has said it expects to report a larger fourth-quarter loss than previously guided, due to lower-than-expected sales and higher promotional activity.
For the 13 weeks ended 1 February, sales dropped 22.8% to US$124.8m. Like-for-like sales fell 16.5% compared to a fall of 8.3% in the comparable period last year.
CEO John Goodman said the company had experienced a difficult fourth-quarter, marked by ongoing softness in mall traffic, and a highly promotional environment throughout the teen sector. This, he said, pressured merchandise margins.
"While we did not meet our expectations for the fourth quarter, we are encouraged by progress made during the course of fiscal 2013 under our turnaround plan," he added.
The company said it now expects to report a fourth-quarter loss per diluted share, before non-cash asset impairments, of around $0.24. This compares to previously announced guidance in the range of $0.14 to $0.17.
Specialty apparel retailer The Wet Seal swung to a "disappointing" loss during the first quarter, after "disruptive" weather and soft traffic dampened sales....
The Wet Seal is to wind down its Arden B brand with the closure of 31 stores, as the specialty apparel retailer looks to grow its namesake label....
- MYANMAR SNAPSHOT: Textile and apparel industry
- Indian apparel exporters discuss policy changes
- Clothing seen as central focus for new Tesco CEO
- VF Corp bullish for second-half growth
- INTERVIEW: David Nieper pushes Made in UK momentum
- Crystal Group improves worker communication
- TIMELINE: Charney ousting from American Apparel
- VF Corp books "solid" Q2 performance
- Weatherproof jackets release harmful chemicals"
- UN rights expert urges further Cambodia reforms
- Global market review of denim and jeanswear – forecasts to 2020
- Management briefing: Sourcing shifts: Changes and challenges
- American Eagle Outfitters, Inc. : Reacting to a need for change
- Ethiopia – the emerging textile and clothing industry
- Plunkett's Apparel & Textiles Industry Almanac 2014: Apparel & Textiles Industry Market Research, Statistics, Trends & Leading Companies