By concept, PacSun same-store sales increased 3.7 percent and demo same-store sales decreased 18.3 percent compared to the same 48-week period last year.
Total Company same-store sales increased 1.2 percent during the same period. Year to date sales figures for both years exclude sales from the 74 demo stores closed earlier this year.
Fourth Quarter GAAP Earnings Per Share Estimate Update:
Due to the weaker than expected performance in December, and the impact of currently known lease termination, retention and severance costs associated with demo, One Thousand Steps and the Anaheim distribution center, the Company now expects fourth quarter GAAP earnings to be in the range of $0.11 to $0.14 per diluted share. This earnings range assumes a continuation of the December comp performance during the month of January.
Fourth Quarter Pac-Only Non-GAAP Earnings Per Share Estimate Update:
As a result of the Company's previously announced plans to close its demo and One Thousand Steps stores and Anaheim distribution center, and the uncertainty regarding the financial impact those plans may produce, the Company is also providing non-GAAP earnings guidance associated with its core PacSun business on a stand-alone basis.
The following non-GAAP earnings range reflects the weaker than expected December sales performance from the PacSun business, but excludes all financial impacts associated with the Company's demo and One Thousand Steps businesses as well as all closure-related charges associated with the Company's Anaheim distribution center.
On this basis, the Company currently expects fourth quarter non-GAAP earnings to be in the range of $0.29 to $0.32 per diluted share. This earnings range assumes a continuation of the December comp performance during the month of January.
Pacific Sunwear of California Inc
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