Wet Seal August Same-store Sales Fall 11.2 Percent

FOOTHILL RANCH, Calif. (AP) — The retailer Wet Seal Inc. said Thursday that sales at stores open at least a year dropped 11.2 percent in August, a bigger decline than analysts predicted.

Analysts polled by Thomson Reuters forecast a 9.5 percent sales dropoff.

Same-store sales for Arden B dipped 1.8 percent, while Wet Seal same-store sales declined 12.6 percent.

Same-store sales, or sales at stores open at least a year, are a key indicator of retailer performance since they measure growth at existing stores rather than newly opened ones.

Sales for the period ended Aug. 29 fell 8.9 percent to $50.5 million.

President and CEO Ed Thomas said in a statement that the retailer's back-to-school sales will be impacted by a shift in the Labor Day holiday, which is one week later than a year ago.

"We believe that the combined results for August and September will present a more accurate picture of the back-to-school season than does August alone," he said.

Wet Seal operated 501 stores in 47 states, the District of Columbia and Puerto Rico, including 420 Wet Seal stores and 81 Arden B stores as of Aug. 29.