Wet Seal Posts Good 3rd Quarter
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IRVINE — Women’s apparel retailer Wet Seal Inc. reported that profit more than doubled in the third fiscal quarter on higher revenue.
The company said it earned $4.2 million, or 30 cents a share in the three months ended Nov. 2, up from $1.8 million, or 15 cents a share, a year ago. Revenue increased 8% to $95.6 million from $88.7 million.
Net income for the first nine months totaled $8.2 million, or 61 cents a share, compared to $418,000, or 3 cents a share, for the comparable three quarters last year. Sales were up 66% to $270.5 million from $163.4 million. Comparable store sales increased 11% for both the third quarter and nine months.
Results for the current fiscal year include Contempo Casuals, which was acquired by Wet Seal on July 1, 1995. Contempo results are included in Wet Seal results only from July through October in 1995.
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