Wet Seal Inc.: The Irvine operator of...
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Wet Seal Inc.: The Irvine operator of young women’s apparel stores posted major gains in profit and sales for the fiscal year ended Feb. 1. Net income surged to $15.3 million, or $1.13 a share, from $5.8 million, or 47 cents a share, for the previous year. Sales climbed to $374.9 million from $266.7 million. The results last year reflect the acquisition of Contempo Casuals, completed July 1, 1995. The 1995 figures include Contempo results for the months of July through January only.
For the fourth quarter, the company earned $7 million, or 51 cents a share, up from $5.4 million, or 43 cents a share, for the same period last year. Sales climbed to $104.4 million from $103.3 million.
Same-store sales, a key indicator of performance, climbed 8.8% for the year and 4.6% for the fourth quarter, the company reported.
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