Please fill in your details to download the Table of Contents of this report for free. We also do customization of these reports so you can write to us at firstname.lastname@example.org in case you need any other additional information.
On a GAAP basis, the Company reported a loss from continuing operations of $17.5 million, or $(0.26) per share, for the second quarter of fiscal 2012, compared to a loss from continuing operations of $17.5 million, or $(0.26) per share, for the second quarter of fiscal 2011.
The loss from continuing operations for the Company's second quarter of fiscal 2012 included a non-cash loss of $8.2 million, or $0.12 per share, related to a derivative liability that resulted from the issuance of the Convertible Series B Preferred Stock in connection with the term loan financing the Company completed in December 2011.
On a non-GAAP basis, excluding the non-cash loss on derivative liability and using a normalized annual income tax rate of approximately 37%, the Company's loss from continuing operations for the second quarter of fiscal 2012 would have been $5.8 million, or $(0.08) per share, as compared to a loss from continuing operations of $11.1 million, or $(0.17) per share, for the same period a year ago.
"Our 5% comparable store sales, 260 basis point increase in merchandise margins, and positive operating cash flow for the second quarter further demonstrate our belief that customers are beginning to rediscover PacSun, including our improved merchandising and brand mix, and our distinct Golden State of Mind brand identity," said Gary H. Schoenfeld, President and Chief Executive Officer.
"Newer brands helped drive a 7% comp in our Men's business, which represents our biggest increase in Men's since 2004. Women's continued to improve as well with a 2% comp and higher margins, and we also achieved a 15% increase in online sales."
Financial Outlook for Third Fiscal Quarter of 2012
The Company's guidance range for the third quarter of fiscal 2012 contemplates a non-GAAP net loss per share from continuing operations of between negative 8 cents and flat.
The forecasted third quarter non-GAAP loss from continuing operations per share guidance range is based on the following assumptions:
The Company's third fiscal quarter of 2012 guidance range excludes the quarterly impact of the change in the fair value of the derivative liability due to the inherently variable nature of this financial instrument.
In accordance with applicable accounting literature and consistent with the Company's financial statement presentation in its fiscal 2011 annual report, the Company has reclassified the results of operations of its closed stores as discontinued operations for all periods presented, as applicable.
| On 9th Jul 2020
Chancellor of the exchequer Rishi Sunak recently announced a slew of...
| On 9th Jul 2020
Brooks Brothers, America's oldest apparel company, recently announced ...
| On 9th Jul 2020
The European Union economy will see a deep recession this year...
‘RT3 motto is: Do not check millimetres, check colours.’
Gem Enviro Management Pvt Ltd
There are no significant differences between virgin yarn and PET recycled...
RoSCTL is need of the hour
Fairfax, Virginia-based Specialty Graphic Imaging Association (SGIA) is a...
FESPA Global Print Expo 2019, to be held in Munich from May 14-17, is...
Conceived in Europe and curated in New Delhi, NeceSera is a...
Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...
EDANA, the international association serving the nonwovens and related...
Nature Works LLC
Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...
Sarah Denise Cordery
Sarah Denise Studio
Manchester, England-based Sarah Denise Studio provides relevant fashion...
<span style="font-size: 12px;">Designer Suman Nathwani talks about her...
Twee In One
Best known for convertible clothing, Indian brand Twee In One by designer...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.