Home / Knowledge / News / Apparel/Garments / PacSun to once again become leader for teens in mall
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%;


Must ReadView All

Textiles | On 20th Aug 2017

PetroVietnam, Vinatex discuss reviving PVTEX plant

Discussions are under way between PetroVietnam and textile and...

Courtesy: Mexx

Fashion | On 20th Aug 2017

RNF acquires Mexx fashion brand

RNF, the Dutch sports and fashion holding, has purchased the global...

Textiles | On 20th Aug 2017

Intertextile Shanghai Home Textiles opens on August 23

Intertextile Shanghai Home Textiles, Asia’s leading platform to meet...

Interviews View All

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Ashok Desai
Bombay Textile Research Association

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Rupa Sood and Sharan Apparao
Nayaab

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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

August 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
66.7%
No
16.7%
Skip
16.7%

Total Votes: 30

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
43.3%
No
36.7%
Skip
20.0%

Total Votes: 30

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
83.3%
No
6.7%
Skip
10.0%

Total Votes: 30

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
60.0%
No
10.0%
Skip
30.0%

Total Votes: 30


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