PacSun beats Street; 11th quarter of same-store sales increases

Anaheim, Calif. – Pacific Sunwear of California Inc. reported a $469,000 net loss in the third quarter of fiscal 2014, compared to net earnings of $17.7 million the same period the prior year. The loss, which included a charge stemming from a $60 million term loan with Golden Gate Capital, was smaller than expected by Wall Street and driven by one-time charges.



Net sales were $212.3 million, up 4.4% from $202.8 million.



Same-store sales rose 4%.



PacSun president and CEO Gary Schoenfeld called out the chain’s inventory and merchandising as key positive areas and said the company had seen 11 consecutive quarters of positive same-store sales.



"With eleven straight quarters of positive comp stores sales, I believe that our elevated merchandising assortments featuring a select number of leading lifestyle brands is resonating with customers and moving us even further toward our goal of establishing the new PacSun as one of the leading specialty apparel retailers for 17-24 year-olds,” said Gary H. Schoenfeld, president and CEO.



PacSun expects to report a net loss in the fourth quarter, and same-store sales ranging from flat to a small increase.