Pacific Sunwear Q1 profit slides 32%

12 May '06

3 min read

Assuming a low to mid single digit comp store sales increase during the second quarter, the company is comfortable with earnings per share estimates for the second quarter in the range of $0.26 to $0.28 per diluted share, which includes $0.03 attributable to adjustments for stock option expenses as related to FAS 123R and pre-opening rent expenses as related to FASB Staff Position 13-1, Accounting for Rental Costs Incurred during a Construction Period.

For year-over-year comparison purposes, this compares to second quarter 2005 non-GAAP earnings of $0.24 per diluted share, which includes the adjustments above. For the full fiscal year 2006, it is comfortable with E.P.S. growth estimates of 10 to 15 percent.

Pacific Sunwear, operating under three distinct retail concepts, is a leading specialty retailer of everyday casual apparel, accessories and footwear designed to meet the needs of active teens and young adults. It operates 820 PacSun stores, 97 PacSun Outlet stores, 200 d.e.m.o. stores and 5 One Thousand Steps stores for a total of 1,122 stores in 50 states and Puerto Rico.

Pacific Sunwear of California Inc

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