The Wet Seal, Inc. (Nasdaq: WTSLA), a leading specialty retailer to young women, reported net sales and comparable store sales for the five-week period ended June 30, 2012, or fiscal June, as follows:

Fiscal June

Comparable Store Sales
Net Sales % Change
% Change From
$ in Millions Last Year This Year Last Year
Wet Seal $ 45.6 -7.1 % -8.5 % 7.5 %
Arden B 8.0 -9.9 % -11.9 % 6.6 %
Total $ 53.6 -7.5 % -9.0 % 7.3 %

Susan McGalla, chief executive officer of The Wet Seal, Inc., commented: "June sales were in line with our expectations. We maintained sharp promotional levels through the month, as planned, in our efforts to ensure inventories at both Wet Seal and Arden B are well-positioned entering the fiscal third quarter.

"E-commerce sales declined 5% in June compared to a 17% decrease for the prior year month. June represented the anniversary of our strategic efforts to transition to a higher penetration of full-price selling and better align e-commerce merchandising with our stores. We expect continued stabilization in our e-commerce sales going forward."

Ms. McGalla concluded, "We continue to expect a fiscal second quarter net loss in the range of $0.03 to $0.06 per diluted share, with comparable store sales also still expected to decline between 7% and 11%."

The Company also announced today that its Board of Directors is conducting a capital planning review that will include an analysis of the Company's cash position. The Company regularly conducts such reviews. The Board intends to retain an investment banking firm to assist in its evaluation, as it has done at times in the past.

The Company is announcing the current capital planning review due to multiple recent stockholder inquiries as to the Company's capital plans. The Board's capital planning process includes consideration of all factors relevant to the Company's capital and cash requirements, including projected Company cash levels, Company operating performance, market trading prices and economic trends. There can be no assurance as to the determination to be made by the Board. The Company does not intend to comment further about its capital planning conclusions until the Board's analysis is complete and it has made a determination, at which time the Company will make a public announcement.