Anaheim-based Pacific Sunwear of California Inc. reported quarterly results that met or beat Wall Street expectations and offered an outlook for the current quarter in line with what analysts were expecting.
Sales for the three months ended Nov. 3 were $373 million, down 0.6% from a year earlier and in line with Wall Street forecasts.
The company, which runs mall stores, saw a profit of $11.1 million, excluding charges. That beat the $10.4 million consensus estimate of analysts.
With charges, Pacific Sunwear lost $20 million.
The company is in the process of selling off its struggling demo chain of stores selling urban-style clothes and closing One Thousand Steps, a shoe store chain that was started last year.
That will leave the company with its dominant PacSun chain selling clothes inspired by surfing, skateboarding and other action sports.
PacSun was a bright spot in the quarter, with sales at stores open at least a year rising 7.7%.
“I am very pleased by the progress shown by our core PacSun business,” Chief Executive Sally Frame Kasaks said.
For the quarter through January, Pacific Sunwear said it sees low-single digit growth in same-store sales.
Excluding restructuring charges and businesses it plans to sell off or close, the company forecast a profit of $22 million to $24.4 million.
Wall Street on average expects a profit of $23 million.
