Wet Seal profit drops in Q2, sales miss Street

The Wet Seal said Thursday that its second-quarter net income fell by nearly half as consumer spending remained volatile. The teen retailer reported net income of $1.6 million for the quarter ended July 31, compared with net income of $3.1 million in the year-ago period. Revenue dropped to $131.5 million from $136.4 million. Wall Street expected revenue of $133.6 million.