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

Textiles | On 7th Dec 2016

New Texprocil chairman bats for increased UPI adoption

Ujwal Lahoti, the new Cotton Textile Export Promotion Council...

RBI Governor Urjit Patel addressing a press conference. Courtesy: Youtube

Textiles | On 7th Dec 2016

Defying expectations, RBI keeps repo rate unchanged

Defying market expectations, the Monetary Policy Committee (MPC) of...

The new OJ 59/1 B. Courtesy: Karl Mayer

Textiles | On 7th Dec 2016

Karl Mayer unveils new LACE.EXPRESS model for apparel

Germany’s leading textile machinery firm, Karl Mayer, has launched a...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Suresh Patel
Sidwin Fabric

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Wendell Rodricks
Wendell Rodricks

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search