Anaheim-based retailer Pacific Sunwear of California Inc. reported a lower than expected 11% drop in March same-store sales and cut its profit estimate for the first quarter.
Wall Street had expected a 2.6% decline in the company’s stores that have been open at least a year.
Pacific Sunwear’s dominant surfwear chain PacSun saw a 12% decline in same-store sales last month. The company’s smaller d.e.m.o. chain selling urban styles was off 3.9%.
The company called the March and February “challenging” and lowered its first-quarter profit outlook by 23%, the second time Pacific Sunwear has lowered its outlook for the recently ended quarter.
Orange County’s other major retailer, Foothill Ranch-based Wet Seal Inc., said its same-store sales rose 16% in March, topping analysts expectations.
