Pacific Sunwear reports 1Q comps decline

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.