Wet Seal Q1 store sales fall 2.9 percent

REPORT_ For the first quarter, Wet Seal has announced results

for the first quarter of fiscal 2013 ended May 4, 2013. Net sales for the first quarter were 140.4 million dollars compared to net sales of 147.9 million dollars for the corresponding quarter last year. Consolidated comparable store sales decreased 2.9 percent. Operating income was 3.2 million dollars compared to operating loss of 0.4 million dollars in the first quarter of fiscal 2012. Net income was 3.1 million dollars, compared to net loss of 0.3 million dollars, in the prior year quarter.

As of May 4, 2013, the company operated a total of 526 stores. For the second quarter of fiscal 2013, the company expects earnings per diluted share to be in the range of 0.00 dollar to 0.02 dollar.

Wet Seal is based in California. It is a retailer of apparel and accessory items. "We are pleased with the operating and financial momentum we're beginning to experience," said John D. Goodman, Chief Executive Officer. "Our teams have executed well and delivered improvement in virtually every aspect of the business. This allowed us to exceed our financial guidance in the first quarter. We are pleased to be able to utilize the company's strong cash position to return value to our shareholders.”