Wet Seal Inc. (WTSLA: Quote) reported fourth-quarter net income of $1.1 million or $0.01 per share, compared to $5.3 million or $0.05 per share in the comparable quarter last year.
Excluding the after-tax effect of the non-cash asset impairment charges, net income was $2.6 million or $0.03 per share, compared to $6.7 million or $0.07 per share prior year. On average, eight analysts polled by Thomson Reuters expected the company to report profit of $0.03 per share. Analysts' estimates typically exclude special items.
Net sales dropped to $163.15 million from $165.49 million in the year-ago quarter, while eight analysts had a consensus revenue estimate of $165.53 million for the quarter.
Consolidated comparable store sales declined 5.5%.
For the first quarter of fiscal 2012, Wet Seal expects earnings per share to be in the range of $0.02 to $0.04, and total net sales to be between $148 million and $150 million. Analysts currently expect the company to report first-quarter profit of $0.05 per share on revenue of $153.67 million.
by RTT Staff Writer
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