Profits Drop 68 Cents a Share at Clothing Retailer Wet Seal

Wet Seal Inc., Foothill Ranch retailer of apparel and accessories, reported fourth-quarter net income of $3.4 million, or 27 cents a share, down from $12.2 million, or 95 cents a share, a year ago. Sales for the quarter ended Jan. 29 declined 2% to $143.2 million. Earnings for the year declined 45% to $14.2 million, or $1.11 a share, from $26 million, or $1.91 a share, for the previous fiscal year. Sales increased 8% to $524.4 million. Sales at stores open at least a year, a key industry indicator, fell 10% in the recent fiscal year.