Pacific Sunwear Raises Q4 Guidance on Strong HolidayFriday, January 11, 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 6% to $2, for a market value of about $134 million, in afternoon trading Friday.