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Sunday, Oct 2, 2022

PacSun: Solid Gains, Cautious Outlook

Anaheim-based retailer Pacific Sunwear of California Inc. reported solid profit and sales gains for the quarter ended Jan. 28 but said it is “cautious” about the current quarter.

The company, which runs mall stores selling surfwear and urban clothes, said Tuesday it’s comfortable with Wall Street’s expectations for the current quarter but is reserved about profit expectations based on February sales.

For the four weeks ended on Saturday, Pacific Sunwear saw sales of $89 million, up 7% from a year earlier. But sales at stores open at least a year were off 3.1%.

The company got off to “a weak start in 2006,” Chief Executive Seth Johnson said.

The outlook sent shares of Pacific Sunwear down about 4% in afterhours trading.

For the recently ended quarter, the company saw profits rise 15% from a year earlier to $47 million. Sales rose 12% to $424.9 million.

Pacific Sunwear also gave an update on its planned third chain of shoe stores, One Thousand Steps.

By April, the company plans to open One Thousand Steps stores in Riverside, Cerritos, Fresno, Minnesota, Florida and Rhode Island.

After that, Pacific Sunwear plans to open One Thousand Steps in Northridge, New Jersey and New York.


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