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August 20, 2010

US: The Wet Seal sees Q2 profits halve

The Wet Seal, a retailer to young women, offset sales declines in the second quarter with improved margins during the period.

The Wet Seal, a retailer to young women, offset sales declines in the second quarter with improved margins during the period.

Ed Thomas, chief executive officer of The Wet Seal, said: “A very competitive promotional environment and volatile consumer spending patterns presented challenges to both of our operating divisions in the second quarter.

“In spite of these factors, we improved merchandise margins at Wet Seal as a result of better inventory content versus the prior year, and we sustained strong merchandise margin performance at Arden B, which helped offset much of the impact of our comparable store sales declines. We have also maintained strong discipline over costs as we continue operating in this very challenging retail climate.”

Click here to view the company’s full Q2 results statement.

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