Pacific Sunwear of California, Inc. announced the appointment of Brett Brewer to its board of directors. Brewer, 36, is an Internet entrepreneur who has built, operated and sold Internet media companies. Brewer co-founded Intermix Media, which launched several online businesses including Myspace.com, Skilljam.com and Alena.com.
He currently holds the position of President and Director of Adknowledge.com, a behavioral-based advertising technology company.
Sally Frame Kasaks, CEO and chairman of the Board of the company, stated “I am very pleased to have Brett Brewer join our Board of Directors. We believe Brett brings a fresh perspective regarding teens which fits well into the ongoing plans of our Company.”
Brewer’s appointment takes the size of the Company’s Board of Directors to nine members. He will serve as a Class II director for a term of office expiring at the Company’s annual meeting of shareholders in 2010.
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November 25 2008 |
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OFFICIAL PRESS RELEASE - Pacific Sunwear of California, Inc. reported that total PacSun sales for the four weeks ended November 1, were $69.3 million, a decrease of 10% from sales of $76.7 million a year ago. PacSun same-store sales decreased 11% during the same period. The retailer now expects to post a small loss in the third quarter.
The company now expects to report a fiscal 2008 third quarter net loss of approximately 7 cents to 8 cents per share including a 6 cents per share non-cash goodwill impairment charge and a 3 cents per share negative impact due to a change in the company’s estimated effective income tax rate.
When it announced September results, PacSun said that as a result of increased markdown activity, it expected fiscal 2008 third quarter earnings to be at the low end of its previously announced earnings guidance range of break even results to 5 cents per share.
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.
Total PacSun sales for the fiscal third quarter of 2008 were $323.6 million, a decrease of 5% from total PacSun sales of $341.8 million during the same period last year. PacSun same store sales decreased 7% 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.
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November 06 2008 |
96 views | 1 comment
If there’s one thing I’ve learned while covering the business side of boardsports it’s that when Dick Baker speaks, you listen. Baker is a veteran of the apparel business. His career spans from Esprit, Lacoste, and Tommy Hilfiger to Op. His opinions are highly respected both in and outside the boardsports industry, just as he is. I had the opportunity to ask Baker a few questions this morning about the current economic climate and how it’s affecting the endemic market. Here’s what he had to say.
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October 22 2008 |
868 views
Although it should come as no surprise to anyone following this news story, Pacific Sunwear Of California sent out a press release this morning that formally rejects the unsolicited proposal from Adrenalina to purchase all of the issued and outstanding shares of PacSun stock. Read More …
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October 21 2008 |
591 views | 2 comments
Florida based action sports retailer Adrenalina announced today that it has submitted a proposal to acquire PacSun for a price of $4.50 per share. The price marks a 24% premium. News of the acquisition sent PacSun share prices up as much as 31 percent.
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October 20 2008 |
1,297 views | 13 comments
While total sales drop four percent, comps beat analyst projections of an 8.8% decline
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September 04 2008 |
159 views
According to a recent SEC Filing, Pacific Sunwear of California Inc. is selling the 300,000 square-foot warehouse adjacent to its Anaheim, California headquarters. Back in January the company announced that it would be moving its distribution center to Olathe, Kansas and that it was looking to either sell or lease the warehouse space in Anaheim.
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August 25 2008 |
670 views | 11 comments
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