Wet Seal profit soars in Q1

Foothill Ranch, Calif. -- The Wet Seal reported Thursday that net income for the quarter ended April 30 rose to $8 million, compared with $3.1 million a year earlier. Revenue rose to $156 million from $137.8 million. Same-store sales increased 7%. Wet Seal said it expects eight net new store openings in 2011, with six net openings at Wet Seal and two at Arden B.