Wet Seal Inc., the teen clothing seller that fired its chief executive last month, said Thursday that it expects to have a first-quarter loss as customers buy less spring clothing. Shares fell 5.6%.
The Foothill Ranch-based company also said it had a fiscal fourth-quarter loss of $5.65 million, or 19 cents a share, contrasted with net income of $15.3 million, or 49 cents, a year earlier. Sales in the three months ended Feb. 1 fell 11% to $161.2 million, from $181.5 million.
Looking ahead, the retailer said it expects a loss of as much as 27 cents a share in the quarter ending May 3, contrasted with net income of 28 cents a year earlier.
Same-store sales, or sales at stores open at least a year, may fall as much as 28% this month and 14% in April, Wet Seal said. It is expected to have profit of 7 cents, according to Thomson First Call.