Pacific Sunwear Beats Same-Store Estimates
Anaheim-based Pacific Sunwear of California Inc. saw May same-store sales rise 3.1%, or more than double what analysts were expecting.
A Thomson Financial/First Call survey found analysts projecting a May same-store increase of 1.2%. In the year-ago period, PacSun’s same-store sales fell 3.3%.
Total sales for the four weeks ended June 1 rose 18.8% to $50 million, the company said.
Clothing for girls led the increases, according to Chief Financial Officer Carl Womack. The struggling men’s pants category posted its first gain in a year, he said.
Same-store sales at the company’s PacSun stores were up 3%. Same-store sales at d.e.m.o. stores were up 3.9%.
For the first four months of the year, the company’s same-store sales rose 1.2% vs. the year-ago period. Total sales for the first 17 weeks of the year rose 17.7% to $211.7 million.
