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Pacific Sunwear updates earnings guidance

07
Nov '08
Pacific Sunwear of California Inc reported that total PacSun sales for the four weeks of fiscal October ended November 1, 2008 were $69.3 million, a decrease of 10 percent from total PacSun sales of $76.7 million during the same period last year. PacSun same-store sales decreased 11 percent during the same period.

Total PacSun sales for the fiscal third quarter of 2008 were $323.6 million, a decrease of five percent from total PacSun sales of $341.8 million during the same period last year. PacSun same store sales decreased seven percent during the same period.

Total PacSun sales for the first 39 weeks of fiscal 2008 were $903.2 million, a decrease of two percent versus total PacSun sales of $921.7 million during the same period last year. PacSun same store sales decreased three percent during the same period.

During October, the Company experienced negative same store sales in all regions with the exception of the Mid-West where results were flat. Sales continued to be weakest in California, the Desert Southwest, the Northwest and the Rocky Mountain/Great Plains regions.

The Company now expects to report a fiscal 2008 third quarter net loss of approximately $0.07 to $0.08 per diluted share including a $0.06 non-cash goodwill impairment charge and a $0.03 negative impact due to a change in the Company's estimated effective income tax rate.

The Company intends to issue its third quarter earnings release on November 18, 2008 after the close of regular stock market hours.

Pacific Sunwear is a leading lifestyle specialty retailer rooted in the youth culture and fashion vibe of Southern California. The Company sells casual apparel with a limited selection of accessories and footwear designed to meet the needs of teens and young adults. As of November 1, 2008, the Company operated 815 PacSun stores and 125 PacSun Outlet stores for a total of 940 stores in 50 states and Puerto Rico.

Pacific Sunwear of California Inc


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