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March 24, 2011

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.

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%.

January 12, 2011

Specialty apparel retailer Wet Seal announced that it has entered into an employment contract with Susan McGalla to serve as its new CEO through Aug. 8, 2014.

Foothill Ranch, Calif. -- Specialty apparel retailer Wet Seal announced that it has entered into an employment contract with Susan McGalla to serve as its new CEO through Aug. 8, 2014. McGalla will assume her position as CEO on Jan. 18. Ed Thomas will remain as interim CEO until Jan. 18, and thereafter will remain employed by the company until Feb. 8, to assist with transition.

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