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PacSun Unveils New Chain

Anaheim-based retailer Pacific Sunwear of California Inc. reported strong second-quarter results and took the wraps off a planned third chain of stores on Thursday.

PacSun said it plans to open a chain of shoe stores, One Thousand Steps, early next year. The move surprised analysts, who had speculated the new chain would focus on young adults & #341; la Urban Outfitters.

The company runs PacSun surfwear stores and the smaller d.e.m.o. chain, which sells urban fashions.

The shoe stores, which also are expected to sell accessories, are set to target 18- to 24-year-old mall shoppers, PacSun said. The stores are set to sell brand-name, casual and fashion shoes, the company said.

Plans call for eight to 10 stores of about 2,500 square feet to open in the first half of 2006. One Thousand Steps eventually could grow to up to 800 stores, according to the company.

PacSun also reported $21 million in second-quarter profits, up 21% from a year earlier and ahead of what analysts had expected, excluding onetime charges.

Sales for the quarter were up 14% to $309 million.

PacSun’s shares were up 1% in afterhours trading.

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