Interested in following publicly traded companies in the action sports market? Listen to the PacSun Q3 Conference Call for yourself right here.
» Read Full Story
Pacific Sunwear of California, Inc. (PSUN) announced today that Gary Schoenfeld will be taking over Sally Frame Kasaks duties as CEO effective June 29. Schoenfeld formerly held the position of President and CEO at Vans. Kasaks will remain on the company’s board of directors.
» Read Full Story 
Citi Investment Research analyst Kimberly Greenberger recently upgraded Pacific Sunwear’s (PSUN) stock status to “hold” from “sell.” In her report she attributes the company’s “sufficient liquiduty” to its survival among deteriorating conditions.
» Read Full Story 
(RTTNews) - Wednesday, specialty retailer Pacific Sunwear of California, Inc. (PSUN: News ) reported a decline in same-store sales for the month of September, hurt by sales deterioration in California, Florida, Desert Southwest, Pacific Northwest, and Rocky Mountain/Great Plains regions. Citing increased markdown activity, the company now expects third quarter earnings to be at the low end of its previously announced earnings guidance.
Same-store sales for the month decreased 5%, and total sales were $91.2 million, down 4% from $95.1 million generated in the same period last year.
For the first nine weeks of the fiscal third quarter, same-store sales declined 6%, while total sales were $254.3 million, down 4% from $265.1 million in the year-earlier period.
Year-to-date, same store sales decreased by 2%. Total sales for the period dropped 1% to $833.9 million from $845.0 million in the comparable period last year.
Pacific Sunwear noted that in September, the company experienced significant further sales deterioration in California, Florida and the Desert Southwest regions, which comprise approximately 24% of its total store base. Collectively, same-store sales in these regions were down 21% for the month.
Furthermore, same-store sales declined 18% in both the Pacific Northwest and Rocky Mountain/Great Plains regions.
Looking ahead, as a result of increased markdown activity, the company now expects fiscal 2008 third quarter earnings to be at the low end of its previously announced guidance range of $0.00 to $0.05 per share.
PSUN closed Tuesday’s trading session at $5.13.
Visit our sister websites
»
Surf
Skateboarding
Snowboarding
Motocross
RIDEbmx
Quad
Business
