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Significant improvement in sales trending of PacSun Women's biz
23
Nov '10
Pacific Sunwear of California Inc announced that net sales for the third quarter of fiscal 2010 ended October 30, 2010, were $258 million versus net sales of $268 million for the third quarter of fiscal 2009 ended October 31, 2009. Total Company same-store sales decreased 3% during the period.

For the third quarter of fiscal 2010, the Company reported a net loss of $7 million, or $(0.11) per share, compared to a net loss of $11 million, or $(0.17) per share, for the third quarter of fiscal 2009. Results for the third quarter of fiscal 2010 reflect the continuing impact of a valuation allowance against the Company's deferred tax assets. On a comparable non-GAAP basis, using a normalized 39% income tax rate, the Company's net loss for the third quarter was $4 million, or $(0.07) per share.

"Our third quarter results were led by positive comps in our Men's business and significant improvement in the sales trending of our Women's business," said Gary H. Schoenfeld, President and Chief Executive Officer. "We are eagerly anticipating Black Friday and the kickoff of the holiday season and the prospects for further strengthening of both our Men's and Women's businesses."

Financial Outlook for the Fourth Quarter

The Company's guidance range for the fourth quarter of fiscal 2010 contemplates a GAAP net loss per share of $(0.10) to $(0.29) for the fourth quarter of fiscal 2010 which reflects the continuing impact of maintaining a valuation allowance against deferred tax assets and a very low effective tax rate. On a non-GAAP basis, using a normalized income tax rate of approximately 37%, the Company's guidance range translates to a net loss of $(0.07) to $(0.18) per share for the fourth quarter of fiscal 2010.

Pacific Sunwear of California, Inc. and its subsidiaries is a leading specialty retailer rooted in the action sports, fashion and music influences of the California lifestyle. The Company sells a combination of branded and proprietary casual apparel, accessories and footwear designed to appeal to teens and young adults.

Pacific Sunwear of California Inc

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