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Wet Seal June same-store sales fall

AP ONLINE

Posted: 2009-07-09 07:32:00

FOOTHILL RANCH, Calif. (AP) — Teen-apparel retailer The Wet Seal Inc. said Thursday that same-store sales fell 11.1 percent in June, a bigger drop than analysts were expecting.

Same-store sales fell 11.3 percent at namesake stores and 10.3 percent at its Arden B chain.

Analysts surveyed by Thomson Reuters, on average, expected same-store sales to fall 9.1 percent.

Same-store sales, or sales at stores open at least a year, are a key measure of retailer performance, because they measure growth at existing stores rather than from newly opened ones.

In the four weeks ended July 4, sales fell 9 percent to $51.6 million.

CEO Ed Thomas said the weak retail environment caused same-store sales to fall below company expectations.

"At our Wet Seal stores, we responded to aggressive promotional selling by our competitors throughout the mall, which challenged business in that division," he said.