Wet Seal Posts 3Q Loss
Foothill Ranch, Calif., Wet Seal Inc. said Thursday it swung to a loss in the fiscal third quarter, hurt by an impairment charge and weak same-store sales.
For the period ended Nov. 3, the company reported a loss of $3.3 million compared with income of $2.4 million in the corresponding year-ago period ended Oct. 28. The most recent quarter’s results include an asset impairment charge of $1.6 million, or 2? per share, the company said.
Total sales for the quarter rose 5% to $150.3 million from $143.3 million in the third quarter of 2006. Same-store sales for the quarter fell 3.4%.