Wet Seal Boosts Profit Expectations

Wet Seal Inc. reported a 19% increase in fiscal fourth-quarter profit to $15.3 million, or 74 cents a share, in line with analyst forecasts, and said profit in the current quarter will rise more than Wall Street expectations.

Sales rose 2.8% to $181.5 million in the latest quarter, with sales at stores open at least a year up 7%.

Profit in the quarter ending May 4 will hit 32 cents to 35 cents a share, up from 18 cents a year ago, with same-store sales growth in the “high-single digit to low-double digit” level, the Foothill Ranch-based retailer said. Analysts on average had estimated 30 cents.

Wet Seal shares fell 95 cents to $33.05 on Nasdaq.