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Wet Seal profit, sales drop in Q4, to open up to 30 stores in 2012
Foothill Ranch, Calif. -- The Wet Seal reported Thursday that net income for the fourth quarter dropped to $1.1 million from $5.3 million a year earlier. Sales in the quarter followed the same downward trend, as net sales fell to $163.2 million from $165.5 million, and same-store sales declined 5.5%.
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Securities fraud lawsuit against Best Buy dismissed
Minneapolis -- Best Buy Co. said Wednesday that the U.S. District Court has dismissed putative securities fraud class actions against the retailer and three of its officers.
With regard to the class action lawsuit filed last year, the court on Tuesday dismissed all counts for lack of substantiation.