Pacific Sunwear Flat on Same-Store Sales for DecemberThursday, January 5, 2012
Anaheim-based action sports mall retailer Pacific Sunwear of California Inc. reaffirmed its guidance for the January quarter after reporting flat same-store sales for December.
Same-store sales for November and December were down 1% compared with the year earlier period
Nationally, retailers surveyed by New York-based Thomson Reuters saw December same-store sales up 3.4%.
Pacific Sunwear reiterated its guidance for the current quarter. It expects same-store sales for the current quarter to be anywhere from down 3% to up as much as 2%.
The company said it expects a loss of $12.8 million to $19.2 million for the current quarter.
Pacific Sunwear is in the midst of shuttering as many as 200 underperforming stores this year. A little more than half of those closures will come from the expiration of store leases.
The closures will leave Pacific Sunwear with about 600 stores by the end of this year.
The company announced the plan to shutter the store last month, at the same time it struck new financing deals, including a five-year, $60 million loan with San Francisco-based Golden Gate Capital.