The Wet Seal, Inc. (Nasdaq: WTSL), a leading specialty retailer to young women, today announced that it has been recognized by the prestigious UC Davis Study of California Women Business Leaders as one of two companies sharing the honor of the most gender inclusive large public companies in California . The recently published study conducted by the UC Davis Graduate School of Management declared that The Wet Seal was one of two companies to have more than 50% women on their leadership teams. The study highlighted the fact that these are the first companies in the nine years the study has been conducted to report that more than half of their board and highest-paid executive positions are filled by women. The Wet Seal was also lauded in the study because the company currently has four female board members including Lynda Davey, who serves as Non-Executive Chairman of the Board. “The Wet Seal is proud to be recognized for the number of women in its top executive ranks and on our board of directors. As a retailer of women’s apparel, Wet Seal is committed to empowering, developing, and recognizing women whether they are our customers, employees, or members of the communities in which we operate,” said John D. Goodman, Chief Executive Officer of The Wet Seal, Inc. “Our people are our lifeblood and it’s the rich diversity of our employees and customers that set us apart – at Wet Seal we are passionate about creating opportunities for people at every level.” Lynda Davey, The Wet Seal’s Non-Executive Chairman of the Board of Directors, added, “The Wet Seal takes pride in maintaining a strong track record of hiring, promoting and retaining a diverse work force, including women. I am proud to be part of this dynamic company and am pleased that it has been recognized by the UC Davis Graduate School of Management study for its inclusivity.”
The study, which reviews and details the presence of women at the top of the 400 largest publicly held corporations headquartered in the state, determined that The Wet Seal warranted special attention because it stood out as one of the companies with the highest percentage of women leaders.“Although it is disappointing that more than a quarter of the California 400 still have no women board members or highest-paid executives, it is a promising tipping point that the number of such companies with no women in their top leadership has reached a new low. We were particularly impressed with a few noteworthy companies, such as The Wet Seal, that are at the forefront of promoting greater gender equality. These companies are leaders of changing gender inequities in the executive suite and board room,” said Steven C. Currall, Dean and Professor of Management at the UC Davis Graduate School of Management. “We expect that other companies will follow their lead, and are encouraged by the knowledge that for each of the last few years, the number of firms with no women has been gradually dropping, while the number of firms with a single woman has been increasing.” 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 November 2, 2013, the Company operated a total of 530 stores in 47 states and Puerto Rico, including 471 Wet Seal stores and 59 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, 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. 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.