Pacific Sunwear of California Inc. beat analysts’ expectations for the third quarter, sending its stock up about 8% to $1.83 and a market value of about $126.7 million in midday trading Thursday.
The Anaheim-based action-sports retailer reported results after markets closed on Wednesday.
Its sales added up to $212.3 million, a 4.4% increase over the $202.8 million for the same period last year. Analysts anticipated $208 million.
Same-store sales were up 4%, while its retail outlets went from 635 to 620 for the quarter, which ended Nov. 1.
PacSun President and Chief Executive Gary Schoenfeld noted the company’s inventory and merchandising as key positive areas and said the company had seen 11 consecutive quarters of positive same-store sales.
The company reported a $500,000 loss from continuing operations, or 1 cent per diluted share, compared to $17.7 million, or 24 cents per diluted share, for the third quarter of fiscal 2013. It included a charge stemming from a $60 million term loan with Golden Gate Capital. Analysts anticipated a loss of 4 cents per diluted share.
The company said it expects fourth quarter revenue from $218 million to $227 million and loss per diluted share from continuing operations between 12 cents and 17 cents.
