Home / Knowledge / News / Apparel/Garments / Apparel retailer Pacific Sunwear cuts Q3FY15 loss
Apparel retailer Pacific Sunwear cuts Q3FY15 loss
09
Dec '14
Apparel retailer and NASDAQ listed, Pacific Sunwear of California, Inc said for the third quarter of fiscal 2014 ended November 1, 2014, it was able to cut losses year on year.

On a non-GAAP basis, excluding the non-cash gain on the derivative liability, other one-time charges, and assuming a tax benefit of approximately $1.9 million, Pacific incurred a loss from continuing operations of $2.2 million, or $0.03 per diluted share.

This compares favourably with loss from continuing operations of $3.5 million, or $0.05 per diluted share, for the same period a year ago for Pacific Sunwear which ended the third quarter of fiscal 2014 with 620 stores versus 635 stores a year ago.

Net sales from continuing operations for the third quarter of fiscal 2014 were up $212.3 million versus net sales from continuing operations of $202.8 million for the third quarter of fiscal 2013, while comparable store sales for the reporting quarter rose 4 per cent.

On a GAAP basis, the Company reported a loss from continuing operations of $0.5 million, or $0.01 on a diluted per share as against income from continuing operations of $17.7 million, or $0.24 per diluted share for the third quarter of fiscal 2013.

Pacific said loss from continuing operations for its third quarter of fiscal 2014 included a non-cash gain of $4.9 million, or $0.07 per diluted share, compared to a non-cash gain of $23.4 million, or $0.31 per diluted share for the corresponding quarter of last fiscal year.

This non-cash gain relates to the derivative liability that resulted from the issuance of the Convertible Series B Preferred Stock in connection with the term loan financing the Company completed in December 2011.

"We were very pleased with our third quarter comparable store performance, inventory productivity and continued improvement in non-GAAP EPS," said Gary Schoenfeld, chief executive officer at Pacific Sunwear.

"With eleven straight quarters of positive comparable stores sales, I believe that our elevated merchandising assortments featuring a select number of leading lifestyle brands are resonating with customers,” he added.

For the fourth quarter of fiscal 2014, Pacific expects a non-GAAP loss per diluted share from continuing operations of between $ 0.17 and $0.12, compared to $0.17 in the fourth quarter of fiscal 2013.

The forecasted fourth quarter non-GAAP loss from continuing operations per diluted share guidance range is based on revenue between $218 million to $227 million and comparable store sales between flat to 4 per cent.

The apparel retailer expects gross margin rate, including buying, distribution and occupancy to be between 21 per cent and 24 per cent and forecasts SG&A expenses to be in the range of $61 million to $65 million.

Its fourth fiscal quarter of 2014 guidance range excludes the quarterly impact of the change in the fair value of the derivative liability due to the inherently variable nature of this financial instrument. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: ABARES

Textiles | On 13th Dec 2017

Australian cotton production to grow 4% in 2017-18: ABARES

Cotton production in Australia is forecast to rise by 4 per cent to...

Global economy now growing by about 3%: UN

Textiles | On 13th Dec 2017

Global economy now growing by about 3%: UN

There is an upturn in the global economy, and it is now growing by...

Winners of Outstanding Award for Exceptional Performance with Anusha Alles (extreme right) and Sakura Manthreerathne, P.A.C.E. specialist at Brandix; Courtesy: Brandix

Apparel/Garments | On 13th Dec 2017

Brandix’s female workers benefit from GAP’s P.A.C.E

A group of 181 Brandix female associates have recently completed...

Interviews View All

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search