Teen retailer Pacific Sunwear of California Inc. reported strong third-quarter results Thursday and reaffirmed fourth-quarter expectations, but added it “must be cautious about the overall retail environment.”
Third-quarter net income rose 20% from a year earlier to $40.5 million, Anaheim-based Pacific Sunwear said. Sales for the quarter rose 14% to $377.5 million.
The results were driven by better sales at stores open at least a year, Chief Executive Seth Johnson said in a statement.
“Although we must be cautious about the overall retail environment, I believe we are positioned to achieve strong results for the balance of the year,” Johnson said.
Pacific Sunwear reaffirmed its outlook for the current quarter. The company said it expects profits of about $47 million for the fourth quarter, up some 20% from a year earlier.
