Wet Seal, Inc. released its first quarter financial results this month, showing that while comparable store sales declined by 16.9 percent in the first quarter, e-commerce sales increased by 8.3 percent in that same time.
According to Wet Seal CEO John Goodman, the company is disappointed in the overall first quarter results, but has new initiatives in place that it anticipates will improve sales. However, Goodman did acknowledge that Wet Seal has stabilized its website and has taken advantage of its newest board members, who are knowledgeable in social, digital and ecommerce.
“While mall traffic remains soft, we are implementing our refined product, pricing and promotional strategies designed to strengthen customer engagement and drive conversion,” Goodman said. “At the same time, we are continuing to see marked improvement in our Wet Seal e-commerce business thus far in the second quarter.”
Goodman added that one of the goals for Wet Seal for the second quarter is to become the featured merchant on Oink, which is a payment system for kids and teenagers, and begin offering its payment technology. Additionally, Wet Seal will introduce Fanreel to its website. According to Goodman, this move will let Wet Seal integrate fan-generated photos into product pages and allow customers to fine-tune their looks.
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