PacSun reports Q1 loss

Anaheim, Calif. -- Pacific Sunwear of California Inc. reported a loss of $3.5 million in its fiscal first quarter, missing Street expectations.



The teen clothing retailer had revenue of $166.5 million in the period, also short of expectations. Same-store sales fell 2%.



"Continued increases in merchandise margins offset our first quarterly negative sales comp in more than three years," said Gary H. Schoenfeld, president and CEO. "Some key categories including shorts and non-apparel have underperformed, which is also reflected in our near-term outlook for the second quarter. Yet as we look ahead to the back half of this year, we believe the strength of several key brand initiatives, coupled with anticipated growth in long bottoms will get us back to positive comp store sales along with further increases in margins.”