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Friday, November 20, 2009
Wet Seal Shares Fall On Weak 4Q Outlook
By Kathryn Glass
FOXBusiness
Shares of apparel retailer Wet Seal (WTSLA) fell more than 8% on Friday, after the company gave weak fourth-quarter guidance.
The company forecast earnings between 3 and 7 cents a share, below expectations for 8 cents a share, according to a poll by Thomson Reuters. The retail projected fourth-quarter revenue to range between $149 million and $155 million; analysts had expected revenue of $156 million.
In the third quarter, the company posted results that were in-line with expectations. Profit fell to $4.5 million, or 4 cents a share, compared to earnings of $6.8 million or 7 cents a share during the same quarter last year. Revenue came in at $141.5 million during the third quarter.
Analysts were expecting earnings of 4 cents a share on revenue of $140.6 million.
Shares of Wet Seal fell 28 cents or 8.48% in Friday’s session, to close the week at $3.02 a share.
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