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The Wet Seal, Inc. Announces January Comparable Store Sales Declined 9.4%

The Wet Seal, Inc. (Nasdaq: WTSLA), a leading specialty retailer to young women, reported net sales and comparable store sales for the five-week period ended February 2, 2013, or fiscal January, and the fiscal fourth quarter ended February 2, 2013, as follows:

Fiscal January

     

Net Sales (1)(3)

          Comparable Store Sales

% Change (2)(3)

$ in Millions

     

% Change From

Last Year

This Year

     

Last Year

Wet Seal $ 32.0 17.2 % -13.4 %       -13.0 %
Arden B   8.0       55.3 % 22.8 %       -12.7 %
Total $ 40.0       23.3 % -9.4 %       -13.0 %
 

Fiscal Fourth Quarter

     

Net Sales (1)(3)

          Comparable Store Sales

% Change (2)(3)

$ in Millions

     

% Change From

Last Year

This Year

     

Last Year

Wet Seal $ 137.2       -1.1 % -9.1 %       -4.6 %
Arden B   24.5       0.7 % -3.1 %       -11.0 %
Total $ 161.7       -0.9 % -8.3 %       -5.5 %
 
     

(1)

   

Net sales for fiscal January and the fourth quarter of the current year include five weeks and fourteen weeks, respectively, while net sales for fiscal January and the fourth quarter of the prior year include four weeks and thirteen weeks, respectively.

 

(2)

Comparable store sales for fiscal January and the fourth quarter of the current year are versus the comparable five weeks and fourteen weeks, respectively, from the prior year. Comparable store sales for fiscal January and the fourth quarter of the prior year are versus the comparable four weeks and thirteen weeks, respectively, from the preceding year.

 

(3)

Net sales at Arden B for fiscal January and the fourth quarter of the current year include store closure sales associated with 18 locations, which took place during the course of the month. These stores generated sales of $1.6 million and $0.7 million in fiscal January of the current year and prior year, respectively, and are not included in the current year comparable store sales results.

 

E-commerce net sales, which are not included in comparable store sales, increased 29.8% and 13.9% in fiscal January and the fiscal fourth quarter, respectively. Such increases include the benefit from the additional week in both fiscal January and the fourth quarter in the current year. Excluding the impact of the additional week, e-commerce net sales increased 6.5% and 8.5% in fiscal January and the fiscal fourth quarter, respectively.

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