United States Of America : Challenging quarter for Pacific Sunwear

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Challenging quarter for Pacific Sunwear

21
Aug '09

Pacific Sunwear of California Inc announced that net sales for the second quarter (13 weeks) of fiscal 2009 ended August 1, 2009, were $243 million versus net sales from continuing operations of $313 million for the second quarter (13 weeks) of fiscal 2008 ended August 2, 2008. Total Company same-store sales decreased 24 percent during the period.

The Company recorded a net loss of $14.2 million, or $(0.22) per diluted share, for the second quarter of fiscal 2009 compared to income from continuing operations of $3.7 million, or $0.06 per diluted share, for the second quarter of fiscal 2008.

"Clearly, we have a lot of work to do to stem our decline in sales and ultimately return to profitability," stated Gary Schoenfeld, President and Chief Executive Officer. "I remain confident in our ability to take on this challenge. Our branded assortments differentiate us from our vertical competitors, and I believe that in time we will once again make PacSun the favorite place to shop for 15-20 year olds."

Financial Outlook for Third Fiscal Quarter of 2009
Assuming a same-store sales percentage decline in the high-teens to low twenties, and assuming non-cash, pre-tax store asset impairment charges of approximately $10 million, the Company would expect to report a loss of approximately $(0.16) to $(0.23) per share for the third quarter of fiscal 2009.

Pacific Sunwear is a leading lifestyle specialty retailer rooted in the youth culture of California.

Pacific Sunwear of California Inc

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