A pair of Orange County apparel retailers said Thursday that their same-store sales rose in January.
The shocker was Foothill Ranch-based Wet Seal Inc., which said January same-store sales rose 8.2% for the four weeks ended Jan. 29.
The struggling retailer has posted month after month of sales declines for more than a year. Just a year ago, same-store sales fell 21.4%
Wall Street analysts were expecting Wet Seal’s same-store sales to decline 2.3% in the period.
In a release, the retailer cited a “new merchandising strategy” at its Wet Seal stores as key for the rise in January.
Wet Seal shares were up 6.4% to $2.8 in morning trading.
The company is in the midst of closing 150 stores and laying off 2,000 employees by the end of February in an effort to trim losses and stabilize the company. Prior to the closures, the company operated 463 Wet Seal stores and 96 Arden B. stores.
Last month Wet Seal wrapped up a $56 million convertible bond sale to help fund its turnaround.
Meanwhile, Anaheim’s Pacific Sunwear of California Inc. reported a same-store sales gain of 8.1% in January.
PacSun said same-store sales rose 8.2% at its PacSun stores and 6.9% at its d.e.m.o. stores.
Analysts expected PacSun’s same-store sales to rise 4.4% for the four weeks ended Jan. 29.
The company’s shares were down 1% to $24.5 in midday trading.
