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Pacific Sunwear Q1 profit slides 32%

May '06
Surfing-inspired apparel retailer Pacific Sunwear of California Inc announced that sales for the first quarter were $299.9 million, an increase of 7.1 percent over total sales of $280.0 million for the first quarter ended April 30th 2005.

First quarter net earnings were $0.16 per diluted share, including $0.03 related to stock option and pre-opening rent expenses. On a comparable non-GAAP basis, earnings per diluted share were $0.20 in the first quarter of 2005.

The net income for the first quarter of fiscal 2006 was $11.9 million compared to $17.6 million, a 32 percent drop, for the first quarter of fiscal 2005. Same-store sales decreased 1.8 percent for the comparable thirteen-week period ended April 29th 2006.

"Although the quarter was difficult, I'm encouraged with the improvement we achieved in our sales trend in April. In April, we also successfully launched our latest retail concept, One Thousand Steps. We now have six stores open and are pleased with the initial customer response to our merchandise assortment and store design," said Seth Johnson, CEO.

During the first quarter of fiscal 2006, the company repurchased a total of 1.7 million shares of its common stock at an average price of $22.45. These repurchases occurred under the $100.0 million share repurchase authorization approved by the company's board of directors on May 12th 2005. At the end of the first quarter, $11.7 million remained available for future repurchases.

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