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Pacific Sunwear posts marginal sales rise in FY'13
21
Mar '13
Pacific Sunwear of California, Inc. that net sales from continuing operations for the fourth quarter of fiscal 2012 ended February 2, 2013, were $228.0 million versus net sales from continuing operations of $218.7 million for the fourth quarter of fiscal 2011 ended January 28, 2012. Comparable store sales for the fourth quarter of 2012 increased 1%.

The Company noted that fiscal 2012 had 53 weeks versus 52 weeks in fiscal 2011. As a result, net sales for the fourth quarter of fiscal 2012 and fiscal year 2012 include the additional week, while comparable store sales exclude the 53rd week. The Company ended fiscal 2012 with 644 stores, compared to 733 as of the end of fiscal 2011. The Company closed 78 stores in the fourth quarter of fiscal 2012.

Fourth Quarter Results

On a GAAP basis, the Company reported a loss from continuing operations of $22.5 million, or $(0.33) per diluted share, for the fourth quarter of fiscal 2012, compared to a loss from continuing operations of $26.7 million, or $(0.39) per diluted share, for the fourth quarter of fiscal 2011. The loss from continuing operations for the Company's fourth quarter of fiscal 2012 included a non-cash loss of $3.7 million, or $0.05 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 $0.6 million and the non-cash loss on the derivative liability of $3.7 million, and using a normalized annual income tax rate of approximately 37%, the Company would have incurred a loss from continuing operations for the fourth quarter of fiscal 2012 of $11.4 million, or $(0.17) per diluted share, as compared to a loss from continuing operations of $13.0 million, or $(0.19) per diluted share, for the same period a year ago.

Full Year Results

Total net sales from continuing operations for fiscal 2012 were $803.1 million versus net sales from continuing operations of $777.3 million for fiscal 2011. Comparable store sales increased 2% during fiscal 2012.

On a GAAP basis, the Company reported a loss from continuing operations of $52.2 million, or $(0.77) per diluted share, for the 2012 fiscal year, compared to a loss from continuing operations of $82.1 million, or $(1.23) per diluted share, for the 2011 fiscal year.

"2012 was a very solid year for PacSun with important progress in several key facets of our business. We achieved positive sales comps with better margins in every quarter for the first time since 2007, continued to leverage our cost base, and equally important is my belief that we are beginning to re-establish PacSun's unique identity tied to great brands, on trend merchandising and our distinct connection to California Lifestyle," said Gary H. Schoenfeld, President and Chief Executive Officer.

"Looking ahead to this year our key priorities remain working closely with our key brands, attracting new customers and continuing to elevate both our in-store and on-line experience."

Pacific Sunwear


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