Pacific Sunwear Down on Q3 GuidanceFriday, August 30, 2013
Investors sent shares of Anaheim-based Pacific Sunwear of California Inc. down on Friday, a day after reporting disappointing current quarter guidance.
Pacific Sunwear’s shares were down about 13% in afternoon trading Friday to a market value of $233.26 million.
The action-sports apparel retailer said it expects an adjusted loss between $6.16 million and $2.74 million for the current quarter on revenue in the range of $202 million to $209 million. Same-store sales are expected to range form a 1% decline to a gain of 3%.
Analysts expect net income to be flat on revenue of $214.76 million.
The guidance follows what Chief Executive Gary Schoenfeld called a strong second quarter, which marked its sixth straight period with same-store sales growth.
Comparable sales for the quarter ended Aug. 3 were 3%.
Pacific Sunwear posted an adjusted profit of $1.2 million for the August quarter, beating a flat projection on earnings from analysts.
The retailer saw net sales rise about 9% during the quarter to $215.2 million, narrowly missing analyst expectations of $215.74 million.
The company's results for the quarter capped off a week of earnings reports for Orange County-based retail chains that included signs of a turnaround taking hold at teen retailer Wet Seal Inc. in Foothill Ranch and better-than-expected income for Tilly's Inc. in Irvine.