Wet Seal profit increases 18%

From Times Wire Services

Apparel retailer Wet Seal Inc. said its fiscal first-quarter profit jumped 18% as sales at newer stores and lower expenses helped offset a decline in same-store sales.

Foothill Ranch-based Wet Seal’s net income climbed to $8.9 million, or 9 cents a share, from $7.6 million, or 7 cents, a year earlier. Revenue rose 3% to $142.4 million.

Analysts expected profit of 7 cents a share on revenue of $141.8 million.