Wet Seal Sales Rise, Fall

For the 13-week quarter ended Jan. 29, the company reported net sales excluding the Zutopia division of $122.8 million, compared to $143.1 million for the same period a year ago. Comparable store sales declined 11.4% for the quarter, compared with a decline of 9.9% for the same period a year ago.

For the year ended Jan. 29, 2005, Wet Seal's net sales excluding Zutopia were $439.1 million versus $516.5 million for the previous year. Comparable store sales for the year dropped 13%, compared to a decline of 16.3% for the same period last year. The company opened six Wet Seal stores and two Arden B. stores during the year, closing 72 Wet Seal locations and seven Arden B. stores.

Wet Seal Inc., which reported a $24.6 million loss in the third quarter, designated Waller as its new CEO late last year, citing his experience at Wilsons Leather, which has been through a series of restructuring and store liquidations in connection with the leather goods retailer's financial struggles. Wet Seal operates 453 stores in 47 states, the District of Columbia and Puerto Rico, including 359 Wet Seal stores and 94 Arden B. stores.