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PacSun confirms 21% rise in Q2 net income

Aug '05
Footwear specialty retailer Pacific Sunwear of California Inc (PacSun) reported the net income for the second quarter of fiscal 2005 increased 21 percent to $21.1 million, compared to $17.5 million for the second quarter of fiscal 2004.

Total sales for the second quarter (13 weeks) ended July 30, 2005 were $309.1 million, an increase of 14 percent over total sales of $272.2 million for the second quarter (13 weeks) ended July 31, 2004. Earnings per diluted share increased 27 percent to $0.28 compared to $0.22 per diluted share for the second quarter of fiscal 2004. Same-store sales increased 3.2 percent for the comparable thirteen-week period ended July 30, 2005.

"I am very pleased with the record second quarter results," commented Seth Johnson, Chief Executive Officer. "21 percent increase in net income reflects an improving sales trend and an increase in operating margin. I believe they are well positioned to achieve strong results for the balance of 2005."

The Company's second quarter results include a correction to the Company's accounting for its PacBucks promotional program. In prior years, the full cost of promotional coupons issued in July was charged in the August redemption period. In 2005, the Company has recognized a portion of the revenue reduction in July, and 2004 has been restated to reflect this correction.

The accounting correction has reduced 2004 second quarter earnings per share by 2.4 cents. The impact of PacBucks on earnings per share for the second quarter of 2005 was 2.7 cents. In the absence of the PacBucks impact, 2005 second quarter earnings per share would have been $0.30 per diluted share. Third quarter earnings per share in each year will increase by the same amounts, with total year earnings unaffected. A more detailed description of this accounting correction is described later in this release.

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