Clothing retailer Wet Seal Inc. reported a quarterly loss, hurt by a one-time charge and weak sales of its teenage fashions.
The company, which runs the Arden B. chain in addition to its namesake stores, also forecast lackluster sales in the current quarter, which includes the holiday shopping season.
Wet Seal posted a net loss of $3.3 million, or 4 cents a share, in its fiscal third quarter ended Nov. 3, contrasted with net income of $2.4 million, or 2 cents, a year earlier.
Excluding an asset impairment charge of $1.6 million, the loss was 2 cents a share.
Sales rose 5% to $150.3 million, but sales at stores open at least a year, or same-store sales, fell 3.4%.
The Foothill Ranch company said its results were below its plan because of aggressive markdowns needed to clear out old inventory to make room for new merchandise for the key holiday shopping season.