The Company today issued the following statement:
"Our September consolidated comparable store sales reflect progress from our comparable store sales decline of 18.3% in fiscal August. These results are in line with expectations we had at the beginning of this quarter for progressive improvements from month to month. We currently forecast comparable store sales for the fiscal third quarter will be within or slightly better than our initial estimate of a decline ranging from 14% to 18%. We also believe our loss per diluted share will remain within the range of our initial estimate of between $0.13 and $0.16.
“We continue to expect our current performance trend will reverse in the coming months. We remain confident that, as we move into the holiday season, we will see clear signs of improvement and stability in our business, and will ultimately return to a level of sales and earnings that our fast fashion merchandising strategy has driven for many years.”
About The Wet Seal, Inc.Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a leading specialty retailer of fashionable and contemporary apparel and accessory items. As of September 29, 2012, the Company operated a total of 554 stores in 47 states and Puerto Rico, including 473 Wet Seal stores and 81 Arden B stores. The Company’s products can also be purchased online at www.wetseal.com or www.ardenb.com. For more Company information, visit www.wetsealinc.com. SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements that relate to the Company’s expectations for its fiscal third quarter comparable store sales and loss per diluted share results, expectations for improvement in performance trends in the fiscal 2012 holiday season and thereafter, or any other statements that relate to the intent, belief, plans or expectations of the Company or its management. All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors beyond the Company’s control. Accordingly, the Company’s future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission. This news release contains results reflecting partial year data and non-fiscal data that may not be indicative of results for similar future periods or for the full year. The Company will not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.