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Pacific Sunwear same-store sales drop in Q1
23 May '08
3 min read
"I am proud of the efforts undertaken by our team during this difficult period of transition. With these significant activities behind us, we are singularly focused on our core PacSun business and remain committed to our business strategy."
Financial Outlook for Fiscal 2008:
Given the difficult economic environment and the Company's regional exposures to the challenging retail markets of California, Florida, Nevada and Arizona, the Company is revising its outlook for the second quarter and full year of fiscal 2008.
Assuming same-store sales in the range of negative three percent to flat for the second quarter of fiscal 2008, the Company anticipates earnings from continuing operations of $0.03 to $0.08 per diluted share. Further, assuming flat same-store sales for the second half of fiscal 2008, the Company anticipates non-GAAP earnings from continuing operations for fiscal 2008 in the range of $0.59 to $0.64 cents per diluted share.
This range excludes the previously noted asset impairment charge of $0.07 per diluted share incurred in the first quarter of fiscal 2008 and the anticipated gain of approximately $0.23 per diluted share from the sale of the Company's closed Anaheim distribution center, which is currently expected to occur by the end of fiscal 2008.
On a GAAP basis, after giving effect to the impairment charge and anticipated gain associated with the sale of the Anaheim distribution center, the Company anticipates earnings from continuing operations for fiscal 2008 in the range of $0.75 to $0.80 cents per diluted share. Further details concerning the Anaheim distribution center sale are part of the Company's Form 8-K filed with the SEC on May 2, 2008.
Financial Outlook for Fiscal 2008:
Given the difficult economic environment and the Company's regional exposures to the challenging retail markets of California, Florida, Nevada and Arizona, the Company is revising its outlook for the second quarter and full year of fiscal 2008.
Assuming same-store sales in the range of negative three percent to flat for the second quarter of fiscal 2008, the Company anticipates earnings from continuing operations of $0.03 to $0.08 per diluted share. Further, assuming flat same-store sales for the second half of fiscal 2008, the Company anticipates non-GAAP earnings from continuing operations for fiscal 2008 in the range of $0.59 to $0.64 cents per diluted share.
This range excludes the previously noted asset impairment charge of $0.07 per diluted share incurred in the first quarter of fiscal 2008 and the anticipated gain of approximately $0.23 per diluted share from the sale of the Company's closed Anaheim distribution center, which is currently expected to occur by the end of fiscal 2008.
On a GAAP basis, after giving effect to the impairment charge and anticipated gain associated with the sale of the Anaheim distribution center, the Company anticipates earnings from continuing operations for fiscal 2008 in the range of $0.75 to $0.80 cents per diluted share. Further details concerning the Anaheim distribution center sale are part of the Company's Form 8-K filed with the SEC on May 2, 2008.
Pacific Sunwear of California Inc
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