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Key revenue measure falls at Wet Seal in Nov.

By AP  | December 01, 2011
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FOOTHILL RANCH, Calif. (AP) — The Wet Seal Inc., a clothing store chain for teen girls, said Thursday that revenue at stores open at least a year fell 3.1 percent in November, an unwelcome change from the 7 percent increase it reported in the same period a year ago.

Still, the November figure was better than the 6.8 percent decline that analysts had predicted.

Revenue at stores open at least a year is a key measure of a company's health, because it excludes the impact of recently opened or closed stores. Total revenue, which does include that impact, rose 0.8 percent to $51.1 million.

Wet Seal Inc., which runs 472 Wet Seal stores and 86 Arden B stores, said the 1.8 percent decline at the Wet Seal stores open at least a year was better than expected. CEO Susan McGalla also noted that this November was being compared to "highly aggressive" discounting last November that helped drive results.

But McGalla also said the results at Arden B, where revenue at stores open at least a year fell 11.2 percent, were disappointing. "We will continue to carefully manage Arden B inventories as we identify opportunities for improvement," McGalla said.

Online sales fell 18 percent, which McGalla described as an improvement over recent results. She said the company is working to better align merchandising between the website and the stores.

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