The Wet Seal profitable in Q1

Foothill Ranch, Calif.-based specialty retailer The Wet Seal, Inc. (Nasdaq: WTSLA) reported this morning that its net income for the first fiscal quarter of 2007 ended May 5 was $7.6 million, or $0.07 per share, compared with a net loss of $14.0 million, or $0.22 per share, in the analogous period of 2006.  That beats analysts’ projected earnings of $0.06 per share.  Nevertheless, the stock has lost $0.17, or 3%, to $5.58.

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