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
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.
Wet Seal reported that net income for the fourth quarter ended Jan. 29 dropped to $5.3 million, compared with $74.2 million in the year-ago period. Last year’s fourth quarter included a noncash tax benefit of $64.7 million.
New York & Company announced that it's promoted Gregory Scott, president, to the role of CEO, effective Feb. 12. As previously announced, Richard Crystal, current chairman and CEO, will retire from the company and its board of directors effective Feb. 11. Grace Nichols, who has served as a director since March 2008, will assume the role of non-executive chair of the board effective Feb. 12. Scott will remain a director of New York & Company’s board, which will be comprised of ten members.