Thursday, December 06, 2007

Wet Seal SSS

Sometimes it's nice to get a dose of good news. This is especially true when you have been getting beaten up. Same store sales numbers for Wet Seal (WTSLA) came in at -1.7%, which was quite a bit better than the consensus estimate of -5.3%. Overall sales increased by over 15% from $46MM to $53MM.

The position is still underwater by a lot, but let me tell you... down 20% is a hell of a lot better than being down 30+%. I'm still optimistic and I still believe that the company is worth a lot more than it is currently trading at.

Anyway, I do know that a few of you bought in... for those that bought in around the time that I did, you're stuck like a pig. But, I do know at least one of you scooped up some shares in the 2.0x range. So far, so good. Just don't forget to buy me lunch next time I see you. Haha.

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