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Wet Seal To exit Arden B business, reaffirms guidance

  • Wet Seal (WTSL) +9.2% premarket after saying it will wind down its Arden B brand, as it turns its attention to shoring up its namesake brand.
  • Arden B, which operates 54 mall-based stores and an e-commerce website, generated sales of $60M in the last fiscal year, ~11% of WTSL's total sales.
  • WTSL expects to record annual pretax cost savings of ~$1.3M beginning in the July quarter.
  • Reaffirms guidance for the April quarter of a loss of $0.16-$0.19/share and a same-store sales decline in the mid- to high teens.
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