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Wet Seal Q2 posts wider-than-expected loss; sales miss
Foothill Ranch, Calif. – Teen retailer The Wet Seal reported a new loss of $22 million for its second quarter, up from $1 million to $22 million in the year-ago period. Lower merchandise margins, higher occupancy costs, costs related to exiting its Arden B business, and non-cash asset impairment charges all helped increase Wet Seal’s net loss.
Net sales decreased 11.6% to $121.2 million, from $137.2 million. One bright spot was e-commerce, where sales rose 25%.
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Vestar names new assistant VP of leasing
Phoenix — Vestar, a privately-held real estate company in the western U.S. that acquires and manages retail and entertainment destinations, has named Jenny Cushing as assistant VP of leasing. Cushing will be responsible for overseeing and growing the leasing efforts throughout Vestar’s California, Arizona & Nevada projects.