Pacific Sunwear 2Q comps down 24%

ANAHEIM, Calif. Pacific Sunwear of California announced that net sales for the second quarter of fiscal 2009 were $243 million versus net sales from continuing operations of $313 million for the second quarter of fiscal 2008. Total company same-store sales decreased 24% during the period.

The company recorded a net loss of $14.2 million, or 22 cents per diluted share, for the second quarter of fiscal 2009 compared to income from continuing operations of $3.7 million, or 6 cents per diluted share, for the second quarter of fiscal 2008.

"Clearly, we have a lot of work to do to stem our decline in sales and ultimately return to profitability," stated Gary Schoenfeld, president and CEO. "I remain confident in our ability to take on this challenge. Our branded assortments differentiate us from our vertical competitors, and I believe that in time we will once again make PacSun the favorite place to shop for 15 to 20 year olds."

Assuming a same-store sales percentage decline in the high-teens to low twenties, and assuming non-cash, pre-tax store asset impairment charges of approximately $10 million, the company would expect to report a loss of approximately 16 cents to 23 cents per share for the third quarter of fiscal 2009.