PacSun reports 3Q loss

ANAHEIM, Calif. Pacific Sunwear of California announced that total sales for the third quarter of fiscal 2008 were $323.6 million, a 5% decrease from total sales of $341.9 million for the third quarter of fiscal 2007. Total company same-store sales decreased 7% during the third quarter of fiscal 2008.

The company recorded a loss from continuing operations of $3.5 million, or 5 cents per diluted share, for the third quarter of fiscal 2008 compared to income from continuing operations of $17.1 million, or 25 cents per diluted share, for the third quarter of fiscal 2007.

Given the significant downturn in the economic climate in recent months, the company is updating its fiscal 2008 fourth quarter earnings forecast. As a result of additional promotional activity, and assuming a same-store sales decrease in the negative high-single digit range for the fourth quarter of fiscal 2008, the company currently expects to report a fourth quarter loss of 3 cents to 8 cents per diluted share.