Wet Seal Net Income Climbs 26%
FOOTHILL RANCH — Wet Seal Inc., the young women’s apparel retailer, said fourth-quarter net income rose 26% to $8.8 million, or 63 cents a share, from $7 million, or 51 cents a share, a year earlier. Sales for the quarter ended Jan. 31 rose 13% to $118.2 million from $104.4 million.
For the year, net income increased 39% to $21.3 million, or $1.53 a share, from $15.3 million, or $1.13 a share, a year earlier. Sales rose 10% to $412.5 million from $374.9 million a year earlier.
Wet Seal had 389 stores at year end, compared with 364 a year earlier. The company plans to open 75 stores this year.
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