Pacific Sunwear Raises Q4 Guidance on Strong HolidayThursday, January 10, 2013
Anaheim-based Pacific Sunwear of California Inc. raised its guidance for the fourth quarter in the wake of better-than-expected holiday sales.
Pacific Sunwear, which counts 681 stores, said same-store sales for the current quarter are up 1% so far. The retailer said it now expects to hit the lower end of previously announced guidance that projected a loss between $6.4 million and $12.1 million, for the quarter, which ends Jan. 28.
“A shift in holiday traffic toward the end of December resulted in a greater proportion of sales during the peak promotional period versus what we had planned,” said Chief Executive Gary Schoenfeld in a statement.
Schoenfeld said the retailer expects an increase in same-store sales for the current quarter and the full year.
Pacific Sunwear shares were up about 8% to $1.86, for a market value of about $126 million, in trading today. The shares fell back slightly in immediate after-hours trading following the announcement on its revised guidance.