• Q3 profit climbs 42.3% to $3.7m from $2.6m
  • Net sales up 3.9% to $152.1m from $146.4m
  • Same-store sales declined 0.9% 

Teen apparel retailer The Wet Seal Inc has booked a 42.3% hike in third quarter profit helped by better merchandise margins and a rise in sales.

However, same-store sales for the Wet Seal stores fell 0.1% and were down 6.3% at Arden B.

"Our Wet Seal business continued to be strong during the high traffic back-to-school shopping period through August and into early September," explained CEO Susan McGalla.

"As we transitioned to fall, Wet Seal business became more challenging, as our sportswear and outerwear assortments for the season did not perform to our expectations.

"At Wet Seal this year, we also eliminated Halloween costumes and related merchandise, a historically low margin business for us, in order to maintain a brand-right fashion assortment in our stores. This was the right strategic decision for our long-term direction, but also challenged sales results in October."