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PacSun Slumps in July, Wet Seal Up

Anaheim’s Pacific Sunwear of California Inc. and Foothill Ranch’s Wet Seal Inc. took wildly different paths with July sales.

Pacific Sunwear, which runs about 1,000 mall stores selling surf and urban clothes, posted a 10.6% drop in sales at stores open at least a year.

The decline was well below a projected 1.4% drop and prompted Pacific Sunwear to lower guidance for second-quarter results.

Same-store sales at the company’s dominant PacSun chain fell 10% last month. Its smaller d.e.m.o. chain fell 13%.

Pacific Sunwear said it now could see about $11 million in second-quarter profit, about 25% lower than what Wall Street previously expected.

Wet Seal, which sells clothes for teens and young women, fared far better.

The company’s same-store sales grew 6.4% in July, topping expectations.

Analysts were looking for a 2% gain.

The company said it expects a low- to mid-single digit rise in same-store sales in August.

For the second quarter, Wet Seal expects a profit of about $3.2 million, slightly below what Wall Street was looking for. The forecast includes a $200,000 stock-option expense.

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