PacSun Quarterly Sales Up, Loss Less Than ExpectedThursday, August 23, 2012
Anaheim-based action sports retailer Pacific Sunwear of California Inc. reported better-than expected results for the July quarter on Wednesday.
Shares were up about 3% in midday trading Thursday to a recent market value of $152 million.
Pacific Sunwear operates a chain of 727 stores throughout the U.S. and Puerto Rico.
The company reported a loss, excluding a one-time charge, of $5.8 million for the July quarter. That's narrowed from an $11.1 million loss in the year-ago period.
Wall Street analysts on average expected a loss of $8.13 million.
Pacific Sunwear reported July quarter sales up about 5% to $210.3 million.
Analysts expected sales of $203.17 million.
Same-store were up 5% for the July quarter, with increases in both the men’s and women’s divisions.
The quarter’s results were attributed to an “improved merchandising and brand mix,” said Chief Executive Gary Schoenfeld in a statement.
The company announced a plan last year to close as many as 200 underperforming stores, the latest strategy in a plan to turn around the business.
Pacific Sunwear said it expects same-store sales down as much as 2% to up as much as 2% for the October quarter.
Pacific Sunwear offered a range on adjusted earnings from flat to a loss as high as $5.42 million for the October quarter. The company did not provide revenue guidance.
Analysts expect a loss of $2.71 million and sales of $227.87 million.