Wet Seal Says It Will Miss Forecasts
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Wet Seal Inc., a retailer of clothing for young women and teenage girls, said its second-quarter profit would miss expectations because sales have slowed in recent weeks.
The Foothill Ranch-based company said earnings will be 12 cents to 14 cents a share in the quarter ending this week, compared with 12 cents in the year-earlier period. The average forecast of analysts polled by Thomson First Call was 17 cents.
Wet Seal said sales at stores open at least a year declined in July partly because of a later back-to-school period in Texas.
Shares of Wet Seal fell $1.88, to $13.83, on Nasdaq. The shares had declined 40% since Monday.
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