The Wet Seal Jumps After Q1 Results, Guidance

Retailer The Wet Seal WTSL released its fiscal first-quarter earnings results after the closing bell on Tuesday. The company reported EPS that was in-line with Wall Street estimates and revenue that was above consensus. In late trade, the stock had risen a little better than 4 percent to $4.69. Wet Seal reported net income for the first-quarter of $3.1 million or $0.03 per share, versus the $0.3 million or $0.00 per share, the company reported in last year's corresponding period. On an adjusted basis, net income was $1.3 million or $0.01 per share, from $1.9 million or $0.02 per share, in last year's first-quarter. This was in-line with Street EPS estimates. Revenue for the period fell to $140.45 million from $147.95 million last year. This came in ahead of Wall Street consensus revenue estimates of $137.20 million. Looking forward to Q2, Wet Seal guided for EPS of $0.00 to $0.02 on net revenue of $138 million to $141 million. Currently, Wall Street expects the company to report a loss of $0.02 per share on revenue of $132.06 million for the fiscal second-quarter.