Wet Seal Sticks to Expansion Plans: Irvine-based...

Wet Seal Sticks to Expansion Plans: Irvine-based women’s fashion retailer Wet Seal Inc., admitting that its holiday sales have been disappointing, said it will add 20 stores next year, as it had previously announced. The 93-store chain also said Wall Street earnings estimates of 80 cents a share for the fiscal year ending Jan. 5 may be “overly optimistic” by 10 cents to 12 cents a share. “We had a very tough season in Southern California,” said Alan Weinstein, chief financial officer of the 94-store chain. “But we also think that our long-term position is very solid.” Ken Chilvers, president of the chain, said the lackluster sales required the company to mark down merchandise earlier than originally planned in order to bring inventories to proper levels.