Foothill Ranch, Calif. – The Wet Seal Inc. shrank its net loss to $27.5 million during the fourth quarter of fiscal 2013 from $85.8 million in the same quarter a year earlier. Net sales slipped 23% to $124.8 million from $161.6 million and same-store sales dropped 16%.
The Wet Seal cited the extra week in fiscal 2012 as negatively impacting its fiscal 2013 results. In addition, CEO John D. Goodman said the company will focus on social, digital and e-commerce, as well as on product, merchandising and customer engagement initiatives, and on the plus-size segment.
“Although we concluded fiscal 2013 with a difficult fourth quarter, we made substantial progress during the year against our turnaround strategies, which provides a strong foundation for the business,” said Goodman.
During the full fiscal year, The Wet Seal reported a net loss of $38.4 million, compared to $113.2 million in the prior fiscal year. Net sales dropped 9% to $530.1 million from $580.4 million and same-store sales declined 4.1%.