NEW YORK (TheStreet) -- Teen retailers wrapped up their fourth-quarter earnings reports. Here's a look at how the sector fared.
Wet Seal (WTSLA) reported a lower fourth-quarter profit, but still managed to top forecasts.
During the quarter the teen retailer earned $5.3 million, or 5 cents a share, compared with a profit of $74.2 million, or 73 cents, in the year-ago period.Excluding items, Wet Seal actually earned 7 cents a share, two cents higher than estimates. Revenue rose nearly 10% to $165.5 million, while same-store sales increased 2.3%. Looking ahead, Wet Seal forsees first-quarter earnings in the range of 5 cents to 7 cents a share, in-line with Wall Street's outlook of 6 cents. In March, the company said it will open 50% fewer stores in 2011 than it previously planned. It will now roll out between 25 and 27 namesake stores and four Arden B locations. Wet Seal is also in a management transition. In January, Susan McGalla took the reigns as CEO, replacing Ed Thomas, who was heading the company on an interim basis.
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