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Pacific Sunwear reports flat sales growth in Q2FY15
02 Sep '14
2 min read
Net sales at action sports, fashion and music influenced apparel retailer Pacific Sunwear of California, Inc stayed near flat in the second fiscal quarter ended August 2, 2014,
Net sales from continuing operations reached $211.7 in the second quarter of 2014 versus $210.1 million from second quarter of 2013. Comparable store sales too grew at a marginal pace of just 0.3%.
On a GAAP basis, in the second quarter of 2014, Pacific Sunwear reported income from continuing operations of $7.5 million, or $0.10 per diluted share against a loss from continuing operations of $18.6 million, or negative $0.27 per diluted share in second quarter of 2013.
Pacific Sunwear said income from continuing operations for the quarter under review included a non-cash gain of $10.4 million, or $0.14 per diluted share, compared to a non-cash loss of $21.2 million, or negative $0.31 per diluted share in the year earlier quarter.
"As previously indicated, sales trends improved as the quarter progressed led by continued growth in our men's business resulting in non-GAAP EPS at the higher end of our guidance," said CEO Gary Schoenfeld.
"Even in the face of a down-trending denim cycle, we are encouraged by the positive response to the balance of our initial fall assortments for the third quarter. We continue to believe that our core strategies are attracting new customers and differentiating PacSun”, he added.
Pacific Sunwear ended the second quarter of 2014 with 618 stores against 637 stores a year ago, across 50 US States and Puerto Rico.
Pacific Sunwear expects a non-GAAP loss per diluted share from continuing operations of between a negative $0.04 and $0.09 in third quarter of 2014, compared to a negative $0.05 in the third quarter of 2013.
Net sales from continuing operations reached $211.7 in the second quarter of 2014 versus $210.1 million from second quarter of 2013. Comparable store sales too grew at a marginal pace of just 0.3%.
On a GAAP basis, in the second quarter of 2014, Pacific Sunwear reported income from continuing operations of $7.5 million, or $0.10 per diluted share against a loss from continuing operations of $18.6 million, or negative $0.27 per diluted share in second quarter of 2013.
Pacific Sunwear said income from continuing operations for the quarter under review included a non-cash gain of $10.4 million, or $0.14 per diluted share, compared to a non-cash loss of $21.2 million, or negative $0.31 per diluted share in the year earlier quarter.
"As previously indicated, sales trends improved as the quarter progressed led by continued growth in our men's business resulting in non-GAAP EPS at the higher end of our guidance," said CEO Gary Schoenfeld.
"Even in the face of a down-trending denim cycle, we are encouraged by the positive response to the balance of our initial fall assortments for the third quarter. We continue to believe that our core strategies are attracting new customers and differentiating PacSun”, he added.
Pacific Sunwear ended the second quarter of 2014 with 618 stores against 637 stores a year ago, across 50 US States and Puerto Rico.
Pacific Sunwear expects a non-GAAP loss per diluted share from continuing operations of between a negative $0.04 and $0.09 in third quarter of 2014, compared to a negative $0.05 in the third quarter of 2013.
Fibre2fashion News Desk - India
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