Last $0.61 USD
Change Today -0.0212 / -3.36%
Volume 2.4M
WTSL On Other Exchanges
Symbol
Exchange
Munich
NASDAQ GS
As of 8:10 PM 09/18/14 All times are local (Market data is delayed by at least 15 minutes).

wet seal inc/the-class a (WTSL) Snapshot

Open
$0.65
Previous Close
$0.63
Day High
$0.65
Day Low
$0.60
52 Week High
10/1/13 - $4.11
52 Week Low
09/18/14 - $0.60
Market Cap
51.4M
Average Volume 10 Days
1.9M
EPS TTM
$-0.71
Shares Outstanding
84.3M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
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Current Stock Chart for WET SEAL INC/THE-CLASS A (WTSL)

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wet seal inc/the-class a (WTSL) Details

The Wet Seal, Inc., a multi-channel specialty retailer, operates stores that sell fashionable and contemporary apparel and accessory items for female consumers. It operates in two segments, Wet Seal and Arden B. The Wet Seal segment offers fashion apparel and accessories for girls through its Wet Seal stores. The Arden B segment provides contemporary fashion apparel, dresses, sportswear separates, and accessories for the contemporary woman through its Arden B stores. The company also operates Web-based stores under the wetseal.com and ardenb.com names. As of May 27, 2014, it operated 532 stores in 47 states and Puerto Rico. The Wet Seal, Inc. was founded in 1962 and is based in Foothill Ranch, California.

1,698 Employees
Last Reported Date: 03/27/14
Founded in 1962

wet seal inc/the-class a (WTSL) Top Compensated Officers

Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $499.9K
Executive Vice President of Stores and Operat...
Total Annual Compensation: $261.5K
Senior Vice President and General Merchandisi...
Total Annual Compensation: $345.2K
Senior Vice President and General Merchandisi...
Total Annual Compensation: $345.2K
Compensation as of Fiscal Year 2013.

wet seal inc/the-class a (WTSL) Key Developments

The Wet Seal, Inc. Reports Preliminary Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended August 2, 2014

The Wet Seal, Inc. reported preliminary unaudited consolidated earnings results for the second quarter and six months ended August 2, 2014. For the quarter, the company reported net sales of $121,176,000 against $137,249,000 a year ago. Operating loss was $23,277,000 against operating income of $978,000 a year ago. Loss before provision for income taxes was $21,980,000 against income before provision for income taxes of $977,000 a year ago. Net loss was $22,009,000 against net income of $958,000 a year ago. Basic and diluted net loss per share was $0.26 against basic and diluted net earnings per share were $0.01 a year ago. For the six months, the company reported net sales of $237,904,000 against $277,694,000 a year ago. Operating loss was $44,961,000 against operating income of $4,176,000 a year ago. Loss before provision for income taxes was $43,647,000 against income before provision for income taxes of $4,169,000 a year ago. Net loss was $43,790,000 against net income of $4,068,000 a year ago. Basic and diluted net loss per share was $0.52 against basic and diluted net earnings per share were $0.05 a year ago. Net cash used in operating activities was $29,936,000 against net cash from operating activities was $3,383,000 a year ago. Purchase of equipment and leasehold improvements was $7,026,000 against $8,863,000 a year ago.

the Wet Seal, Inc. Reports Preliminary Unaudited Consolidated Sales Results for the Second Quarter and Year to Date Ended August 2, 2014; Provides Earnings Guidance for the Second Quarter and Year to Date Ended August 2, 2014; Provides Impairment Guidance for the Second Quarter Ended August 2, 2014

The Wet Seal, Inc. reported preliminary consolidated earnings results for the second quarter and year to date ended August 2, 2014. Net sales for the quarter ended August 2, 2014 were $121.2 million compared to net sales of $137.2 for the quarter ended August 3, 2013. Consolidated comparable store sales declined 12.4%, including a decline of 11.1% at Wet Seal and a decline of 22.8% at Arden B during the wind down of that business. Comparable store sales results include e-commerce, which alone increased 11.4%, including a 25.1% increase at Wet Seal, offset by a 24.6% decrease at Arden B during its wind down. For the 26 weeks, the company net sales were $237,904,000 compared to $277,694,000 a year ago. Gross profit is expected to be $26.4 million compared to $40.7 million in the second quarter of last year, which would yield gross margin of 21.8% versus 29.6%. Operating loss is expected to be $23.3 million compared to operating income of $1.0 million in the second quarter of fiscal 2013. The current year and prior year quarters include $12.7 million and $0.3 million, respectively, of non-cash asset impairment charges. Operating loss in the 2014 period also includes a charge of $0.2 million for Arden B exit costs and a $0.7 million benefit for the settlement of the Company's Supplemental Employee Retirement Plan liability. Non-GAAP adjusted operating loss, excluding the effect of these charges and benefits, is expected to be $11.1 million in the second quarter of fiscal 2014 compared to Non-GAAP adjusted operating income of $1.2 million in the prior year period. Net loss is expected to be $22.0 million, or $0.26 per diluted share, compared to net income of $1.0 million, or $0.01 per diluted share, in the prior year quarter. Non-GAAP adjusted net loss in the second quarter of fiscal 2014, excluding the items noted above and a benefit of $2.5 million for gain on warrants and embedded derivatives liabilities, is expected to be $12.3 million, or $0.15 per diluted share. This compares to previous guidance for a non-GAAP adjusted net loss in the range of $0.09 to $0.12 per diluted share. Non-GAAP adjusted net income in the second quarter of fiscal 2013, excluding the effect of asset impairment charges, was $1.2 million, or $0.01 per diluted share. For the 26 weeks, the company expects gross margin of $49.495 million, operating loss of $44.96 million, loss before provision for income taxes of $43.65 million, net loss of $43.79 million or $0.52 per diluted share, depreciation and amortization of $5.5 million, net cash used in operating activities of $23.936 million and purchase of equipment and leasehold improvements of $7.026 million. The company also provided impairment guidance for the second quarter ended August 2, 2014. The company provided asset impairment guidance Of $12.74 million.

The Wet Seal, Inc. Announces Board and Executive Changes

On August 27, 2014, The Wet Seal, Inc.'s Board of Directors voted to approve John D. Goodman's severance agreement and release with the company. Pursuant to such agreement, Mr. Goodman's employment with the company ended on August 26, 2014, at which time he resigned as the company's Chief Executive Officer (and principal executive officer) and from all other positions with the company, including his position as a director on the Board of Directors. In addition, on August 27, 2014, the company's Board of Directors voted to appoint Mr. Edmond S. Thomas to serve as the company's Chief Executive Officer and to serve as a member of the Board of Directors. Mr. Thomas's appointments will be effective on the date that his full-time employment with the company commences, which is expected to be September 8, 2014. Mr. Thomas most recently served as a partner of KarpReilly, LLC from February 2011 to August 2014. Mr. Thomas previously served as President and Chief Executive Officer of company from October 2007 to January 2011. Mr. Thomas is currently a member of the board of directors of New York & Company, Inc.

 

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