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Wet Seal Names Finance Chief, Hiring Luttrell From Cost Plus

November 30, 2005|From Bloomberg News

Wet Seal Inc., the clothing retailer under investigation by the Securities and Exchange Commission, named John Luttrell chief financial officer, filling a post that has been vacant since August.

Luttrell joins the company from casual home living retailer Cost Plus Inc., where he spent the last five years as chief financial officer, Foothill Ranch-based Wet Seal said in a statement Tuesday.

Douglas Felderman resigned as CFO in August amid an SEC investigation into the company's disclosure of a 2004 second-quarter loss and a share sale by Irving Teitelbaum, its former chairman.

Wet Seal sells clothing for teenage girls and operates 309 Wet Seal stores. The company also operates more than 90 Arden B. stores.

Wet Seal also said it had narrowed its quarterly loss from continuing operations to $6.5 million, or 14 cents, from $24.2 million, or 67 cents, a year earlier. Net sales in the 13 weeks ended Oct. 29 rose 16.7%, to $129.3 million.

Wet Seal rose 12 cents, to $5.14 a share.

Separately, Oakland-based Cost Plus named Jane Baughman interim principal chief financial officer and Chris Miller interim chief accounting officer.

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