Foothill Ranch, Calif. – The Wet Seal Inc. revising its financial guidance for the third quarter of fiscal 2013 ending November 2, 2013. The company now expects to report a same-store sales increase in the low-single digits, compared to previously forecast mid-single digits, as well as a larger net loss than previously estimated.
“Following our strong start to the quarter, mall traffic softened considerably during September and has continued into October, resulting in an increasingly promotional competitive environment in recent weeks,” said John D. Goodman, CEO of Wet Seal. “We expect to deliver improvement in most key financial metrics versus the year ago period, but the need to implement more extensive promotions than planned has caused us to lower our margin and earnings expectations for the quarter.”
The company will report third quarter fiscal 2013 sales on Nov. 7, 2013, and expects to report full financial results and hold its quarterly earnings conference call on Nov. 25, 2013.