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Wet Seal raises 1st-quarter guidance above Street outlook

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May 8, 2008

FOOTHILL RANCH, Calif.—Teen apparel maker The Wet Seal Inc. on Thursday raised its first-quarter earnings guidance due to better-than-expected cost reductions.

The company now expects earnings between 7 cents to 8 cents, up from previous guidance of 4 cents to 6 cents. Analysts polled by Thomson Financial predict a profit of 6 cents per share.

The company also said first-quarter sales rose 7 percent to $142.4 million, above analysts' expectations of $141.5 million.

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