Wet Seal Q4 profit falls

Foothill Ranch, Calif. Wet Seal said Thursday that fourth-quarter profit dropped 65% as it faced a weak holiday season, but adjusted results beat analyst expectations.

Profit for the quarter ended Jan. 31 fell 65% to $4.3 million, from $12.2 million last year. Revenue fell 14% to $154.9 million, from $179.6 million a year ago. That was short of the $155.2 million analysts polled by Thomson Reuters, on average, predicted.

Same-store sales fell 13.4%, including an 8.6% drop at Wet Seal namesake stores and a 32% decline at the company's struggling Arden B chain aimed at slightly older shoppers.

For the year, profit rose 30% to $30.2 million, from $23.2 million last year. Revenue fell 3% to $593 million, from $611.2 million a year ago.