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Pacific Sunwear reports 1Q comps decline

5/23/2008

ANAHEIM, Calif. Pacific Sunwear of California has announced that total sales from continuing operations for the first quarter (13 weeks) of fiscal 2008 ended May 3, were $266.9 million versus total sales of $268.1 million from continuing operations for the first quarter (13 weeks) of fiscal 2007 ended May 5, 2007. Total company same-store sales decreased 1% during the period.

Net loss for the company was $12 million,or 17 cents per diluted share, for the first quarter of fiscal 2008 compared to a net loss of $0.3 million, or less than 1 cent per diluted share, for the first quarter of fiscal 2007.

The company has revised its second quarter guidance. Assuming same-store sales in the range of negative 3% to flat for the second quarter of fiscal 2008, the company anticipates earnings from continuing operations of 3 cents to 8 cents per diluted share.

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