NEW YORK (TheStreet) -- The Wet Seal (WTSL) is tumbling on Friday after reporting below-consensus sales after the bell a day earlier.
By early afternoon, shares had plummeted 14.9% to $1.49.
Trading volume of 3 million was more than triple its three-month daily average.
For its fourth quarter ended January, the teen apparel retailer recorded sales 22.8% lower year over year to $124.8 million. Analysts surveyed by Thomson Reuters had forecast revenue of $134.74 million.Consolidated comparable-store sales sank 16.5%, which included a 15.4% drop at namesake stores and 25% decrease at Arden B. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. Quarterly net losses of 23 cents a share was a penny narrower than analysts had expected. For the first quarter ending April, management said it expects a net loss in the range of 16 cents to 19 cents a share, far wider than analysts' estimates of a loss of 5 cents a share. Guidance is based on anticipated comparable-store sales in the negative mid- to high-teens. "Our first quarter outlook primarily reflects continuing softness in mall traffic and ongoing promotional pressure, as well as significant weather challenges, and we will continue to manage inventory appropriately," said CEO John Goodman in a statement. Must Read: Warren Buffett's 10 Favorite Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
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 Plus 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