Wet Seal Reports Q4 EPS of $0.07 vs. $0.05; Revenues $165.5M vs. $164.67M

The Wet Seal, Inc. WTSLA announced results for its fiscal fourth quarter ended January 29, 2011. Net sales were $165.5 million compared to net sales of $151.0 million for the prior year fourth quarter. Net income was $5.3 million, or $0.05 per diluted share, as compared to $74.2 million, or $0.73 per diluted share, in the prior year quarter. The current year quarter included an effective income tax rate of 32%, which was less than the originally planned effective income tax rate of 40%. The prior year quarter included a non-cash tax benefit to reverse the Company's deferred tax valuation allowance of $64.7 million. Net income was $5.3 million, or $0.05 per diluted share, as compared to $74.2 million, or $0.73 per diluted share, in the prior year quarter. The current year quarter included an effective income tax rate of 32%, which was less than the originally planned effective income tax rate of 40%. The prior year quarter included a non-cash tax benefit to reverse the Company's deferred tax valuation allowance of $64.7 million.