The Wet Seal, a specialty retailer of women's apparel and accessories, has reported a net income of $4.5 million, or $0.04 per diluted share, for the third quarter ended October 31, 2009, compared to $6.8 million, or $0.07 per diluted share, for the third quarter of fiscal 2008.
For the third quarter of fiscal 2009, net sales were $141.5 million, compared to $146.6 million for the third quarter of fiscal 2008.
For the first nine months of fiscal 2009, net sales were $409.92 million, compared to $438.09 million for the same period of fiscal 2008. Net income was $12.65 million, or $0.12 per diluted share, compared to $25.86 million, or $0.26 per diluted share, for the corresponding period of fiscal 2008.
Ed Thomas, CEO of The Wet Seal, said: "Our third quarter results reflect further progress at both our Wet Seal and Arden B divisions. At Wet Seal, comparable store sales improved sequentially as we continued to adjust our inventory mix to better align with our customers' preferences. We believe that we are better positioned than at any other time this year with our merchandise assortment at Wet Seal."