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FOOTHILL RANCH, Calif. - Teen apparel retailer The Wet Seal Inc. said Thursday that sales in stores open at least one year fell 1.3 percent, a much smaller drop than analysts predicted, and narrowed its third-quarter earnings guidance.
Analysts surveyed by Thomson Reuters, on average, expected same-store sales to fall 7.8 percent.
Total sales for the four weeks ended Oct. 31 rose 2 percent to $41 million.
Sales at stores open at least a year are a key measure of retailer performance because they measure growth at existing stores rather than from newly opened ones. They rose 8.2 percent at the company's Arden B chain and fell 3.1 percent at namesake stores.
For the quarter ended Oct. 31, sales in stores open at least one year fell 6.2 percent while total sales fell nearly 4 percent to $141.5 million. Analysts expected sales of $138.9 million.
Wet Seal said it expect third-quarter earnings of 4 cents per share, from previous guidance of earning of 2 cents to 5 cents per share. Analysts predict a profit of 3 cents per share.
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