12 Jan PacSun Comps Break Out in December
Pacific Sunwear of California, Inc. reported comparable store net sales during the month of December increased 9 percent compared to the same period a year ago.
“We have had an excellent Holiday season with strong sales performance in both men’s and women’s and an estimated 400-500 basis point improvement in gross margins,” said Gary H. Schoenfeld, President and Chief Executive Officer. “With what will be our 12th consecutive quarter of positive comparable store net sales, customers are embracing the new PacSun and our elevated brands and merchandising assortments.”
Based on December results, the company has updated its financial outlook for the fourth quarter of fiscal 2014 and now expects comparable store net sales of approximately 6 percent and non-GAAP loss from continuing operations per diluted share to be in the range of $(0.12) to $(0.11), compared to its previous guidance range of $(0.17) to $(0.12). The company reported a non-GAAP loss from continuing operations per diluted share of $(0.17) for the fourth quarter of fiscal 2013. As of Jan. 8, PacSun operates 617 stores in all 50 states and Puerto Rico.