Wet Seal Expecting Earnings to Surpass Analysts’ Estimates
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IRVINE — Wet Seal Inc. said it expects first-quarter earnings to surpass analysts’ expectations, largely because of better-than-anticipated sales at stores open for more than a year.
The company said it expects to report earnings of 23 cents a share, up from 6 cents in the first quarter last year. Three analysts surveyed by IBES International Inc. had pegged earnings at 13 cents a share.
Wet Seal said sales of its sportswear, in particular its private brands, are high. Sales of shoes and cosmetics have also performed well, the company said. The company, which manages 363 stores, plans to open about 30 stores this year, including three Limbo Lounge stores, which sell clothes and accessories for juniors and young men.
The company’s stock rose 16% Friday to $26.625, up $3.750 per share.
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