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Tuesday, Mar 19, 2024
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Pacific Sunwear Continues to Slide on Profit Warning

Shares of Anaheim-based Pacific Sunwear of California Inc. were down again Friday, a day after the mall retailer reduced its quarterly and annual profit outlooks.

Shares slumped more than 6% in premarket trading and then tumbled about 11.5% at midday New York trading on a market value of $633 million.

The company said it expects lower profits for the three months through July and the 12 months through January, blaming the weak U.S. economy.

For the current quarter, Pacific Sunwear projects profits of $2 million to $5.6 million.

Analysts had been expecting $8.4 million.

For the quarter, the company forecast sales at stores open at least a year to drop 3%.

For the 12 months through January, Pacific Sunwear said it expects profits excluding charges of $41 million to $45 million.

Analysts had been expecting $47 million.

For the recently ended quarter, the company lost $7 million excluding onetime charges, in line with what Wall Street was expecting.

Sales were flat from a year earlier at $266.9 million.

Pacific Sunwear runs 942 mall stores and outlets that sell clothes inspired by surfing and skateboarding.

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