Foothill Ranch-based mall store operator Wet Seal Inc. saw sales at stores open at least a year fall 8.4% in May, but that was better than what Wall Street had expected.
Wet Seal saw same-store sales fall 12.4% at its dominant Wet Seal chain for teen girls. They rose 11% at its smaller Arden B. chain for young women.
The company? overall same-store sales decline came in better than the 10.1% drop analysts had expected.
Wet Seal blamed the decline on the ongoing retail slump, as well as not having on hand the tops, dresses and accessories that were in demand by shoppers.
The company? total sales for May fell 8% to $42 million.
Late last month, Wet Seal warned investors that profits for the three months through July would be below Wall Street expectations.
The company projects a profit of $1.9 million to $4.9 million, down from the $7.8 million analysts had been expecting.
For the three months through May 2, Wet Seal earned $5 million, down 44% from a year earlier.
Sales at the company were $132 million, down 7% from a year earlier.
