PacSun announced that its Q4 comps were up 1%, margins were up, and it expects losses in the quarter to be at the lower range of its guidance range of $(0.09) to $(0.17) thanks to strong holiday sales.
ANAHEIM, Calif., Jan. 10, 2013 (GLOBE NEWSWIRE) — Pacific Sunwear of California, Inc. (Nasdaq:PSUN) (the “Company”), announced today that its fourth fiscal quarter same-store sales through January 6, 2013 increased 1% on a continuing operations basis. The Company also disclosed that it expects its gross margin percentage for the fourth quarter to be in the range of 21% to 22%, which represents an increase of approximately 200 to 300 basis points over the same period a year ago. This compares to previous guidance of 22% to 25%. Based on this gross margin trend, the Company expects non-GAAP loss per share from continuing operations to be at the lower end of its previously announced guidance range of $(0.09) to $(0.17), compared to $(0.20) in the fourth quarter of fiscal 2011.
“A shift in holiday traffic toward the end of December resulted in a greater proportion of sales during the peak promotional period versus what we had planned,” said Gary H. Schoenfeld, President and Chief Executive Officer. “Overall, we continue to be encouraged by our results as we are on track to complete both the quarter and the year with positive comparable store sales, higher margins, continued leverage of our cost base, and improved inventory productivity, all of which are contributing to substantial improvement in our pre-tax operating results.”