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PacSun to once again become leader for teens in mall
12
Mar '10
Pacific Sunwear of California, Inc. announced that total sales for the fourth quarter of fiscal 2009 ended January 30, 2010, were $293 million, a decrease of 17 percent from total sales of $352 million for the fourth quarter of fiscal 2008 ended January 31, 2009. Total Company same-store sales decreased 19 percent during the fourth quarter of fiscal 2009.

For the fourth quarter of fiscal 2009, the Company reported a net loss of $36 million, or $(0.56) per share, compared to a net loss of $27 million, or $(0.42) per share, for the fourth quarter of fiscal 2008. During the fourth quarter of fiscal 2009, the Company recorded a non-cash charge of $19 million, or $0.29 per share, to provide a valuation allowance against certain of its deferred tax assets. Excluding this charge, the Company's non-GAAP net loss for the quarter was $17 million, or $(0.26) per share.

The Company ended the year with total cash of $93 million and no borrowings under its credit facility. Year over year, inventory decreased by 16%, from $107 million at the end of fiscal 2008 to $90 million as of January 30, 2010.

"When I joined PacSun, given all that we needed to do I knew it would take time to turn things around. Eight months into the job, I'm encouraged by the changes we're making and the prospects for PacSun to once again become a leader for teens in the mall," stated Gary H. Schoenfeld, President and Chief Executive Officer. "We've still got a tough period ahead of us in our Juniors' business, yet I believe our Young Mens' categories can begin to lead the turnaround of our business as we look further ahead to Back to School and Holiday."

Full Year Results

Total sales for fiscal 2009 ended January 30, 2010 were $1.03 billion, a decrease of 18 percent from total sales of $1.25 billion during fiscal 2008 ended January 31, 2009. Total Company same-store sales decreased 20 percent during fiscal 2009. For fiscal 2009, the Company reported a loss of $70 million, or $(1.07) per share, compared to a loss from continuing operations of $39 million, or $(0.59) per share, in fiscal 2008. Excluding the $19 million, or $0.29 per share, non-cash valuation allowance charge discussed above, the Company's non-GAAP net loss for the year was $51 million, or ($0.78) per share.

Financial Outlook

First Fiscal Quarter of 2010

The Company expects to report a GAAP net loss per share of $(0.50) to $(0.60) for the first quarter of fiscal 2010 which will reflect the continuing impact of maintaining a valuation allowance against deferred tax assets as discussed above and thus a very low effective tax rate. On a non-GAAP basis, using a normalized 37% effective income tax rate, the Company would expect to show a net loss of $(0.32) to $(0.38) per share for the first quarter of fiscal 2010. The forecasted first quarter GAAP earnings range is based on the following major assumptions:

• Same-store sales decline of 13% to 18%;


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