Wet Seal Q3 Comps Edges Up; Now Sees Q3 Loss At Upper End Of Forecast Range

(RTTNews) - Wet Seal Inc. (WTSL), a specialty retailer to young women, reported Thursday that its third-quarter net sales declined 5.8 percent from last year to $127.7 million.

On average, six analysts polled by Thomson Reuters expected sales of $134.49 million. Analysts' estimates typically exclude special items.

Wet Seal brand sales declined 2.6 percent to $114.9 million, and Arden B sales plunged 27.5 percent.

Comparable store sales for the quarter edged up 0.8 percent, compared to a 13.5 percent decline in the previous year.

The company said it was able to deliver positive comp store sales and significantly improved merchandise margins, despite the extremely tough retail environment.

Further, the company said it expects to report third quarter 2013 loss per share of approximately $0.12 before non-cash asset impairments, which is in line with previously announced guidance for a loss per share in the range of $0.10 to $0.12.

Six analysts expect loss of $0.11 per share for the quarter.