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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV