Exhibit 99.1

Contact:

Steven H. Benrubi

(949) 699-3947

THE WET SEAL, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR

FISCAL 2010 RESULTS EXCEEDING GUIDANCE

INTRODUCES FIRST QUARTER FISCAL 2011 GUIDANCE

FOOTHILL RANCH, CA, March 24, 2011 (BUSINESS WIRE) — The Wet Seal, Inc. (Nasdaq:WTSLA), a leading specialty retailer to young women, announced results for its fiscal fourth quarter and full year ended January 29, 2011, and introduced guidance for the first quarter of fiscal 2011.

For the fourth quarter:

Susan McGalla, the Company’s chief executive officer, commented, “Our fourth quarter results reflected growing sales momentum in both operating divisions. At Wet Seal, we saw continued strength in the tops business, its largest merchandise category, and several other key categories, including non-denim bottoms, active wear, dresses and jewelry. At Arden B, we delivered strong results on top of significantly positive sales growth in the prior year, led by excellent performance in our dress category.

“Our e-commerce sales increased 33.9%, with sales growth driven by increased inventory investments and higher marketing investments primarily focused on customer acquisition.”

Ms. McGalla concluded, “I am encouraged by the solid start to fiscal 2011 in February, in which we generated a high single-digit comparable stores sales increase. We are comfortable with overall inventory levels and content at both divisions, which we hope will support continued strong sales growth through the first quarter.”

For the full year:

As of year-end, the Company’s inventory per square foot increased 6% versus the prior year-end, with Wet Seal up 8%, partially offset by an 8% decline at Arden B.

The Company generated cash flows from operations of $50.1 million during fiscal 2010, and ended the year with $176.1 million of cash, cash equivalents and investments.

Store Openings and Closings

The Company opened eight and closed two Wet Seal stores and opened six and closed one Arden B stores during the fourth quarter. At January 29, 2011, the Company operated 533 stores in 47 states and Puerto Rico, including 450 Wet Seal stores and 83 Arden B stores.

Capital Transactions and Stock Repurchase Program

During the fourth quarter, the Company’s remaining Series E Warrants expired unexercised. As a result, no warrants to acquire the Company’s Class A common stock remain outstanding.

During the fourth quarter, there was no stock repurchase activity. During February 2011, the Company repurchased 1,000,000 shares of its Class A common stock at an average market price of $3.71, for a total cost, including commissions, of $3.7 million. As of March 24, 2011, capacity of $18.3 million remains available under a stock repurchase program approved by the Company’s Board of Directors in September 2010.

Capital Expenditures and Depreciation

During 2010, the Company incurred capital expenditures of $30.7 million, of which $23.1 million was for construction of new stores and remodels of existing stores. The Company recognized tenant improvement allowances of $5.1 million, associated primarily with new store construction, resulting in net capital expenditures for the year of $25.6 million.

Depreciation in the fourth quarter and full year fiscal 2010 totaled $4.5 million and $16.8 million, respectively.

Income Taxes

As previously disclosed, during the third quarter, the Company determined it previously had interpreted federal tax rules incorrectly pertaining to expiration of charitable contribution carry forwards available to offset future taxable income. The Company also identified certain other minor errors in its deferred income taxes. As a result, the Company had overstated its net deferred tax assets by approximately $6.6 million as of the end of fiscal 2009. The Company adjusted deferred tax assets and stockholders’ equity on its condensed consolidated balance sheet as of January 30, 2010 and benefit for income taxes and net income on its condensed consolidated statement of operations for the 13 and 52 weeks ended January 30, 2010, to correct this overstatement. In future periods, presentation of the Company’s consolidated financial statements for the first two quarters of fiscal 2010 will also reflect this correction.

The Company’s federal net operating loss (“NOL”) carry forwards were sufficient to offset its federal regular taxable income in fiscal 2010, resulting in the Company incurring cash income taxes only for the limited portion of federal alternative minimum taxes and income taxes in the State of California which cannot be offset by NOL carry forwards.

The Company begins fiscal 2011 with approximately $93.5 million of NOL carry forwards available to offset taxable income in fiscal 2011 and thereafter, subject to certain annual limitations based on the provisions of Section 382 of the Internal Revenue Code, or “Section 382”. Subject to potential change, as discussed further below, in fiscal 2011, the Company estimates its annual NOL utilization limit to be approximately $51.6 million.

The Company estimates its effective income tax rate for fiscal 2011 will be approximately 40%. However, the Company also estimates that the cash income tax payments for fiscal 2011 will only be approximately 3% of pre-tax income, consistent with recent years, as the Company will continue to utilize its NOL carry forwards to offset its federal regular taxable income. The difference of approximately 37% of the Company’s estimated effective tax rate in fiscal 2011 will be in the form of a non-cash provision for deferred income taxes.

The Company’s current expectations regarding the federal NOL carry forwards it may use annually are based on calculations made by management. Through these calculations, the Company determined that, in April 2005 and December 2006, the Company incurred “ownership changes”, as defined in Section 382, that require re-calculation of NOL annual utilization limits. Such ownership changes can result merely from an accumulation of normal market trading activity in the Company’s common stock over time. The NOL annual utilization limits determined upon an ownership change depend on, among other things, the Company’s market capitalization and long-term federal interest rates on the ownership change date. If the Company were to determine it had incurred another ownership change at some time after December 2006, the Company would be required to re-calculate its annual federal NOL utilization limit, which could result in a decrease to NOL carry forwards annually available to offset taxable income and an increase in cash income tax payments.

First Quarter Fiscal 2011 Guidance

For the first quarter of fiscal 2011, earnings are estimated in the range of $0.05 to $0.07 per diluted share.

The guidance is based on the following major assumptions:

For all of fiscal 2011, the Company expects 25 to 27 net store openings at Wet Seal and four net store openings at Arden B. The Company forecasts fiscal 2011 net capital expenditures will be approximately $26 million, of which approximately $18 million will be for construction of new stores or remodeling of existing stores upon lease renewals and/or store relocations.

Earnings Conference Call Details

The Company will host a conference call and question and answer session at 1:30 p.m. Pacific Time today. To participate in the conference call, please dial (888) 352-6793 and provide ID number 1273537. A broadcast of the call will also be available on the Company’s website, www.wetsealinc.com. A replay of the call will be available through March 31, 2011. To access the replay, please call (888) 203-1112 or (719) 457-0820 and provide the ID number above.

About The Wet Seal, Inc.

Headquartered in Foothill Ranch, California, The Wet Seal, Inc. is a leading specialty retailer of fashionable and contemporary apparel and accessory items. As of February 26, 2011, the Company operated a total of 533 stores in 47 states and Puerto Rico, including 450 Wet Seal stores and 83 Arden B stores. The Company’s products can also be purchased online at www.wetseal.com or www.ardenb.com. For more company information, visit www.wetsealinc.com.

Safe Harbor

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements that relate to the Company’s guidance for its first quarter of fiscal 2011, the Company’s store growth and capital spending plans for fiscal 2011, the quality of the Company’s inventory positions, the composition of the Company’s expected fiscal 2011 provision for income taxes, or any other statements that relate to the intent, belief, plans or expectations of the Company or its management. All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors beyond the Company’s control. Accordingly, the Company’s future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission. This news release contains results reflecting partial year data and non-fiscal data that may not be indicative of results for similar future periods or for the full year. The Company will not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

Exhibit A

The Wet Seal, Inc.

Condensed Consolidated Balance Sheets

(000’s Omitted)

(Unaudited)

Exhibit A (Continued)

The Wet Seal, Inc.

Condensed Consolidated Statements of Operations

(000’s Omitted, Except Share Data)

(Unaudited)

Exhibit A (Continued)

The Wet Seal, Inc.

Consolidated Statements of Cash Flows

(000’s Omitted)

(Unaudited)

Exhibit B

Segment Reporting (Unaudited)

The Company operates exclusively in the retail apparel industry in which it sells fashionable and contemporary apparel and accessories items, primarily through mall-based chains of retail stores, to female consumers with a young, active lifestyle. The Company has identified two operating segments (“Wet Seal” and “Arden B”) as defined by ASC 280- Segment Reporting. E-commerce operations for Wet Seal and Arden B are included in their respective operating segments. Information for the 13 and 52 weeks ended January 29, 2011, and January 30, 2010, for the two reportable segments is set forth below (in thousands, except store counts and sales per square foot):

Exhibit B (Continued)

The “Corporate” column is presented to allow for reconciliation of store contribution amounts to consolidated operating income, interest income (expense), net, and income before provision (benefit) for income taxes. Wet Seal and Arden B segment results include net sales, cost of sales, asset impairment and other direct store and field management expenses, with no allocation of corporate overhead or interest income and expense.

Wet Seal operating segment results for the 52 weeks ended January 30, 2010, include $0.8 million of additional net sales resulting from a change in estimated “breakage” for unredeemed gift cards, gift certificates and store credits remaining outstanding more than two years from their respective issuance dates, and for the 13 and 52 weeks ended January 29, 2011, and the 13 and 52 weeks ended January 30, 2010, includes $1.5 million, $3.6 million, $0.2 million and $2.0 million, respectively, of non-cash asset impairment charges.

Arden B operating segment results for the 52 weeks ended January 30, 2010, include $0.4 million of additional net sales resulting from a change in estimated “breakage” for unredeemed gift cards, gift certificates and store credits remaining outstanding more than two years from their respective issuance dates, and for the 13 and 52 weeks ended January 29, 2011, and the 13 and 52 weeks ended January 30, 2010, includes less than $0.1 million, $0.6 million, $0.3 million and $0.3 million, respectively, of non-cash asset impairment charges.

Corporate expenses for the 52 weeks ended January 29, 2011, include non-cash interest expense of $2.1 million as a result of accelerated write-off of discounts and deferred financing costs upon conversions of secured convertible notes and $0.7 million of interest expense for a conversion inducement associated with conversions of secured convertible notes and preferred stock. Additionally, corporate expenses for the 13 and 52 weeks ended January 29, 2011, include $0.9 million and $1.6 million, respectively, comprised of transition agreement fees for the Company’s former chief executive officer and professional fees for hiring the Company’s new chief executive officer.

Exhibit C

Reconciliation of Non-GAAP Financial Measures to Most Directly Comparable Financial Measures

Included within this press release are references to net income and earnings per diluted share before certain charges and benefits, which are measures not in compliance with accounting principles generally accepted in the United States of America, or “non-GAAP financial measures.” The following is a reconciliation of these non-GAAP financial measures to the applicable GAAP financial measures for the 13 and 52 weeks ended January 29, 2011, and January 30, 2010 (in millions, except for earnings per diluted share):

Exhibit C (Continued)

During fiscal 2010, the Company incurred significant professional and other fees to recruit a new chief executive officer and to ensure a smooth transition to new leadership during a several-month period after the former CEO’s contract had expired but a new CEO had not yet been identified. Given the unique nature and substantial amount of these charges, the Company believes presentation of historical financial information excluding these charges to be beneficial to its investors.

From time to time, the Company determines the carrying values of certain of its long-lived assets are not supported by their anticipated future cash flows and, as a result, must record non-cash charges to impair these assets. The timing and magnitude of these charges can be sporadic, thus significantly affecting the reported financial results of the fiscal period in which they are recorded. Given the unique nature and sporadic timing of these charges, the Company consistently presents these charges as a separate line item within its statements of operations and, similarly, believes the presentation of its historical financial information excluding these non-cash charges to be beneficial to its investors.

The complexity and volatility of the accounting and financial reporting for the Company’s secured convertible notes has been a major focus of the Company’s management and investors. To help investors better understand the complexity of the accounting for the notes, the Company provided significant disclosure in its Annual Report on Form 10-K for the fiscal year ended January 30, 2010. Management occasionally presents certain historic financial information that excludes non-cash charges for the ratable write-off of unamortized debt discounts, deferred financing costs and accrued interest when notes are converted. Given the unique nature of these charges and their volatility, management believes that presenting financial information without these charges helps investors better understand the Company’s current operating performance. Management believes the magnitude of the charges when conversions occur can impact investors’ understanding of the Company’s business results in such periods. Explicit disclosure of these impacts provides meaningful information to investors.

As a result of reversing its deferred tax asset valuation allowance at the end of fiscal 2009, as discussed elsewhere in this earnings release, the Company now records a provision for income taxes approximating statutory rates. During 2009, when it still maintained a 100% valuation allowance, the Company recorded a provision for income taxes equal only to its cash income taxes payable. Management believes the accounting change with respect to the valuation allowance can impact investors’ understanding of the earnings performance trend of the Company. Presenting the financial results of the Company on a like basis for income taxes, whereby both periods reflect full taxation and exclude the impact of the reversal of the Company’s deferred tax asset valuation allowance, provides meaningful information to investors.

In the fiscal 2009 second quarter, the Company determined, based upon updated historical redemption patterns, that the likelihood of redemption of unredeemed gift cards, gift certificates, and store credits greater than two years after their issuance is remote. As a result, the Company updated its breakage estimate and recorded a “breakage” benefit related to this change. Given the nature of this adjustment, such amount was larger than amounts the Company anticipates recording in future periods. Accordingly, management believes presenting financial information without the change in the “breakage” estimate for fiscal 2009 helps investors better understand comparative operating performance during those periods.