Wet Seal profit drops in Q4, will add 30 net new stores in 2011

Foothill Ranch, Calif. -- The Wet Seal reported Thursday that net income for the fourth quarter ended Jan. 29 dropped to $5.3 million, compared with $74.2 million in the year-ago period. Last year’s quarter included a non-cash tax benefit of $64.7 million.

Sales rose to $165.5 million from $151 million a year earlier. Same-store sales increased 2.3%. Same-store sales for Wet Seal increased 1.9% and for Arden B increased 4.8%.

For the full year, sales increased to $581.2 million, compared with $560.9 million in fiscal 2009. Same-stores edged up 0.1%.

The retailer said it expects to open 25 to 27 net new Wet Seal stores in 2011 and four net new stores at Arden B.