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PacSun announces Q4 earnings results
14
Mar '08
Pacific Sunwear of California Inc announced that total sales from continuing operations for the fourth quarter (13 weeks) of fiscal 2007 ended February 2, 2008, were $420.1 million, a decrease of 7.8 percent from total sales of $455.8 million from continuing operations for the fourth quarter (14 weeks) of fiscal 2006 ended February 3, 2007.

Total Company same-store sales decreased 2.2 percent during the fourth quarter of fiscal 2007. By concept, PacSun same-store sales increased 2.1 percent and demo same-store sales decreased 31.0 percent. Due to the 53rd week in fiscal 2006, same-store sales for the fourth quarter of fiscal 2007 are compared to the thirteen-week period ended February 3, 2007.

For the fourth quarter of fiscal 2007, the Company recorded net income from continuing operations of $7.6 million, or $0.11 per diluted share, compared to $11.5 million, or $0.16 per diluted share, for the fourth quarter of fiscal 2006. Fourth quarter results for each period exclude the income statement impact of One Thousand Steps in both years due to its designation as a discontinued operation during the fourth quarter of fiscal 2007.

On a non-GAAP basis, excluding all additional income statement impacts of the Company's demo business, which is expected to become a discontinued operation during the first quarter of fiscal 2008, and other non-recurring charges, the Company generated net income from continuing operations of $21.6 million, or $0.31 per diluted share, for the fourth quarter of fiscal 2007 compared to $22.8 million, or $0.33 per diluted share, for the fourth quarter of fiscal 2006.


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