Wet Seal profit, sales drop in Q4, to open up to 30 stores in 2012

Foothill Ranch, Calif. -- The Wet Seal reported Thursday that net income for the fourth quarter dropped to $1.1 million from $5.3 million a year earlier. Sales in the quarter followed the same downward trend, as net sales fell to $163.2 million from $165.5 million, and same-store sales declined 5.5%. CEO Susan McGalla told investors that the teen retailer is focused on making progress on strategic initiatives: “including establishing more cohesive merchandise assortments and consistent brand messaging, and a heightened focus on customer obsession, which we believe will better position the company for long-term sales and profitability growth," said