PacSun December 2008 Comps Down 9%

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• January 08 2009
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Pacific Sunwear, Inc., released it’s December 2008 sales results for the five weeks ended Jan. 3 , reporting a decrease of nine percent from total PacSun sales of $214.4 million during the same period last year, according to a press release published on the company’s Investor Relations site.

“This compares to its previous expectation of inventories down at least high-single digits at the end of fiscal 2008. Due in part to the increased promotions and anticipated further markdown reserves, and assuming a same-store sales decrease in the mid-teens range for the month of January, the Company now expects to report a fiscal 2008 fourth quarter net loss of $0.38 to $0.43 per diluted share, including an estimated gain of approximately $0.10 per diluted share from the previously-announced sale of the Company’s Anaheim distribution center. Approximately $0.19 of the fiscal fourth quarter loss is attributable to markdown reserves. The Company also now anticipates ending fiscal 2008 with cash balances of between $15-20 million and no direct borrowings under its $150 million credit facility.”

To read the full report, click HERE.