The Wet Seal reported net sales for the five-week period, ended October 4, 2003, of $47.9 million, compared to net sales of $50.3 million for the same period a year ago. Comparable store sales for September this year declined 10.0 %, versus a comparable store sales decline of 7.3 % for September last year.
“We remain encouraged by the strong performance of our Arden B. business and the positive response to a more sophisticated fashion offering,” said Walter Parks, executive vice president and chief administrative officer. “In addition, the Wet Seal division showed week to week progress during the month, driven, in part, by the Fall season sale, which started September 26, 2003.”
Parks added, “We had more transactions this month than the same month of the previous year, driven, in part, by a favorable response to Fall merchandise, but a lower average transaction value. The lower average transaction value resulted from our continued aggressive markdown activity in the Wet Seal division in order to facilitate a clean conversion for the upcoming holiday store set.”