Pacific Sun posts 4Q loss

ANAHEIM, Calif. Pacific Sunwear of California announced that total sales for the fourth quarter of fiscal 2008 were $351.7 million, a decrease of 8.5% from total sales of $384.3 million for the fourth quarter of fiscal 2007. Total company same-store sales decreased 10% during the fourth quarter of fiscal 2008.

For the fourth quarter of fiscal 2008, the company recorded a loss from continuing operations of $27.6 million, or 42 cents per diluted share, compared to income from continuing operations of $19.6 million, or 28 cents per diluted share, for the fourth quarter of fiscal 2007.

"While we are disappointed with our operating results for fiscal 2008, we accomplished several key objectives focused on reducing inventory levels, managing costs and preserving our liquidity in this challenging retail environment," commented Sally Frame Kasaks, CEO. "We expect the retail industry will continue to face significant challenges in 2009, but we believe that we have taken appropriate and decisive steps to help us improve profitability in the long term."