Wet seal earnings warning hurts stock
Wet seal earnings warning hurts stock"
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Wet Seal Inc. shares tumbled Wednesday after the Foothill Ranch fashion retailer for young women warned its fiscal first-quarter earnings will fall below analysts’ estimates. The stock fell
$3.25, or 18%, to $15 on the Nasdaq market, after trading as low as $12.38 earlier in the session. The stock has lost about two-thirds of its value over the last 52 weeks, but it is up about
22% so far this year. The retailer said earnings for the quarter ended April 29 fell 16 cents to 18 cents a share from 34 cents a year earlier. Analysts were estimating quarterly earnings
of 23 cents a share. The company’s earnings were hurt as it lowered prices to clear out leftover inventory from unsuccessful merchandising campaigns that included too-dressy back-to-school
clothes and too-casual Christmas clothes, said analyst Dennis Van Zelfden at Robinson-Humphrey Co., who rates the stock “outperform.” Van Zelfden said he expects the company’s sales and
earnings to turn around in the second half. The company’s moves to reduce its private-label merchandise and replace it with name-brand teen apparel, such as Bubble Gum and Hot Kiss, will
also help with sales later this year, he said. The company said it plans to disclose final results May 18. MORE TO READ
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