Home / Knowledge / News / Apparel/Garments / Pacific Sunwear posts marginal hike in Q3 FY13' sales
Pacific Sunwear posts marginal hike in Q3 FY13' sales
30
Nov '12
Pacific Sunwear of California, Inc. announced that net sales for the third quarter of fiscal 2012 ended October 27, 2012, were $228.4 million versus net sales of $226.8 million for the third quarter of fiscal 2011 ended October 29, 2011. Total Company same-store sales increased 1% during the period.

On a GAAP basis, the Company reported income from continuing operations of $0.9 million, or $0.01 per diluted share, for the third quarter of fiscal 2012, compared to a loss from continuing operations of $14.0 million, or $(0.21) per diluted share, for the third quarter of fiscal 2011.

Income from continuing operations for the Company's third quarter of fiscal 2012 included a non-cash gain of $5.6 million, or $0.08 per diluted share, related to a derivative liability that resulted from the issuance of the Convertible Series B Preferred Stock (the "Series B Preferred") in connection with the term loan financing the Company completed in December 2011.

On a non-GAAP basis, excluding store closure related charges of $1.7 million and the non-cash gain on derivative liability of $5.6 million, and using a normalized annual income tax rate of approximately 37%, the Company would have incurred a loss from continuing operations for the third quarter of fiscal 2012 of $1.8 million, or $(0.03) per share, as compared to a loss from continuing operations of $7.1 million, or $(0.11) per share, for the same period a year ago.

"We continue to see evidence of our turnaround strategies taking hold with our third straight quarter of positive comparable store sales growth and a 260 basis point improvement in merchandise margins, on an adjusted basis," said Gary H. Schoenfeld, President and Chief Executive Officer.

He added, "After a slow start to the first few weeks of back-to-school, we performed well during the peak of the selling season which translated to our first positive sales comp in the third quarter since 2007 and a more than $10 million improvement in our pre-tax operating results."

Financial Outlook for Fourth Fiscal Quarter of 2012

The Company's guidance range for the fourth quarter of fiscal 2012 accounts for a 53rd fiscal week and contemplates a non-GAAP loss per share from continuing operations of between negative $0.09 and negative $0.17, compared to negative $0.20 in the fourth quarter of fiscal 2011.

The forecasted fourth quarter non-GAAP loss from continuing operations per share guidance range is based on the following assumptions:

  • Same-store sales of negative 1% to plus 3%;
  • Revenue from $225 million to $235 million;
  • Gross margin rate, including buying, distribution and occupancy, of 22% to 25%;
  • SG&A expenses in the range of $63 million to $65 million;
  • A normalized annual income tax rate of approximately 37%; and
  • Ending the period with approximately 645 stores.

Pacific Sunwear


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