Wet Seal Profit Tumbles On Same-store Sales Drop

FOOTHILL RANCH, Calif. (AP) — Teen clothing chain Wet Seal Inc. said Thursday its fiscal second-quarter profit tumbled 69 percent, as the company saw declines in same-store sales.

The company's shares fell 22 cents, or 6.6 percent, to $3.10 in aftermarket trading, having closed the regular session at $3.32.

Wet Seal earned $3.1 million, or 3 cents per share, for the quarter that ended Aug. 1. That compares with a profit of $10.1 million, or 10 cents per share, for the same quarter last year.

Sales fell 9 percent to $136.4 million from $149.1 million.

Analysts polled by Thomson Reuters expected, on average, a profit of 3 cents per share, on $136 million in revenue.

The company operates 415 Wet Seal stores and 81 Arden B locations. It said same-store sales fell 12 percent for Wet Seal and 4 percent for Arden B.

Same-store sales, or sales in stores open at least a year, is a widely used retail industry gauge of performance.