Wet Seal Swings To Q2 Loss

(RTTNews) - Wet Seal, Inc. (WTSL) reported a net loss for the second quarter of $22.0 million or $0.26 per share, compared to net income of $1.0 million or $0.01 per share for the prior year quarter.

Excluding items, adjusted net loss for the second quarter was $12.3 million or $0.15 per share, compared to adjusted net income of $1.2 million or $0.01 per share in the same quarter last year.

Net sales for the second quarter fell to $121.2 million from $137.2 million a year ago. Same-store sales for the quarter declined 12.4%.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.09 per share on revenue of $123.88 million for the second quarter.

Looking forward, the company forecast an adjusted loss of $0.22 to $0.28 per share for the third quarter. Analysts currently expect the company to report a loss of $0.12 per share for the third quarter.