Anaheim-based Pacific Sunwear of California Inc. said Tuesday that sales rose 16.2% in the fourth quarter, its last period under longtime chief executive Greg Weaver.
The surfwear retailer’s sales in the fourth quarter were $379.7 million, up from $326.8 million a year earlier. The company’s operating profit jumped 19% to $65 million.
Same-store sales, meanwhile, increased 5.1% in the fourth quarter. Same-store sales at its urban d.e.m.o stores were up 7.5%.
Seth Johnson, a former Abercrombie & Fitch Co. executive who joined in November as chief operating officer, is set to become chief executive next month. Weaver will remain executive chairman.
Weaver’s been with PacSun for 17 years and had been looking for a replacement for a couple of years.
Looking ahead, PacSun expects to have 120 more stores by the end of 2005, boosting its store count to 1,100. The company also plans to expand or move about 25 stores.
The retailer’s growth includes 70 new PacSun stores, 10 PacSun outlets and 40 d.e.m.o. stores.
PacSun shares were up 3% to $27.4 in after-hours trading. They also rose 3% in Tuesday trading before the earnings results were released.
