Pacific Sunwear posts 2Q income drop, revises outlook

ANAHEIM, Calif. Pacific Sunwear of California announced that total sales for the second quarter of fiscal 2008, were $312.7 million, a slight increase over total sales of $311.8 million for the second quarter of fiscal 2007. Total company same-store sales decreased 1% during the second quarter of fiscal 2008.

The company recorded income from continuing operations of $3.7 million, or 6 cents per diluted share, for the second quarter of fiscal 2008 compared to income from continuing operations of $9.3 million, or 13 cents per diluted share, for the second quarter of fiscal 2007. 

Pacific Sunwear said that because of the increasingly difficult economic environment, it is revising its outlook for the third and fourth quarters of fiscal 2008. Assuming same-store sales in the negative high-single digit range and year-over-year selling, general and administrative expense growth of not more than 5%, the company anticipates earnings from continuing operations of 0 cents to 5 cents per diluted share for the third quarter of fiscal 2008.