Pacific Sunwear Posts Positive Holiday Sales; Revises Fourth Quarter Gross
ANAHEIM, Calif., Jan. 10, 2013 (GLOBE NEWSWIRE) -- Pacific Sunwear of
California, Inc. (Nasdaq:PSUN) (the "Company"), announced today that its
fourth fiscal quarter same-store sales through January 6, 2013 increased 1% on
a continuing operations basis. The Company also disclosed that it expects its
gross margin percentage for the fourth quarter to be in the range of 21% to
22%, which represents an increase of approximately 200 to 300 basis points
over the same period a year ago. This compares to previous guidance of 22% to
25%. Based on this gross margin trend, the Company expects non-GAAP loss per
share from continuing operations to be at the lower end of its previously
announced guidance range of $(0.09) to $(0.17), compared to $(0.20) in the
fourth quarter of fiscal 2011.
"A shift in holiday traffic toward the end of December resulted in a greater
proportion of sales during the peak promotional period versus what we had
planned," said Gary H. Schoenfeld, President and Chief Executive Officer.
"Overall, we continue to be encouraged by our results as we are on track to
complete both the quarter and the year with positive comparable store sales,
higher margins, continued leverage of our cost base, and improved inventory
productivity, all of which are contributing to substantial improvement in our
pre-tax operating results."
About Pacific Sunwear of California, Inc.
Pacific Sunwear of California, Inc. and its subsidiaries (collectively,
"PacSun" or the "Company") is a leading specialty retailer rooted in the
action sports, fashion and music influences of the California lifestyle. The
Company sells a combination of branded and proprietary casual apparel,
accessories and footwear designed to appeal to teens and young adults. As of
January 10, 2013, the Company operated 681 stores in 50 states and Puerto
Rico. PacSun's website address is www.pacsun.com.
Pacific Sunwear Safe Harbor
This press release contains "forward-looking statements" including, without
limitation, the Company's revised guidance for the fourth quarter of fiscal
2012 in the first paragraph above, and Mr. Schoenfeld's comments relating to
certain projected full-year financial results in the second paragraph above.
In each case, these statements are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. The Company intends
that these forward-looking statements be subject to the safe harbors created
thereby. These statements are not historical facts and involve estimates,
assumptions and uncertainties that could cause actual results to differ
materially from those expressed in such forward-looking statements.
Uncertainties that could adversely affect the Company's business and results
include, among others, the following factors: adverse changes in economic
conditions generally; adverse changes in consumer spending; changes in
consumer demands and preferences; same-store sales declines; higher than
anticipated markdowns and/or higher than estimated selling, general and
administrative costs; increased sourcing and product costs; currency
fluctuations; competition from other retailers and uncertainties generally
associated with apparel retailing; merchandising/fashion risk; lower than
expected sales from private label merchandise; reliance on key personnel;
economic impact of natural disasters, terrorist attacks or war/threat of war;
shortages of supplies and/or contractors as a result of natural disasters or
terrorist acts, which could cause unexpected delays in store relocations,
renovations or expansions; reliance on foreign sources of production; and
other risks outlined in the Company's filings with the Securities and Exchange
Commission ("SEC"), including but not limited to the Company's Annual Report
on Form 10-K for the fiscal year ended January 28, 2012 and subsequent
periodic reports filed with the SEC. Historical results achieved are not
necessarily indicative of the future prospects of the Company. Readers are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. The Company assumes no obligation to
update or revise any such forward-looking statements to reflect events or
circumstances that occur after such statements are made. Nonetheless, the
Company reserves the right to make such updates from time to time by press
release, periodic report or other method of public disclosure without the need
for specific reference to this press release. No such update shall be deemed
to indicate that other statements not addressed by such update remain correct
or create an obligation to provide any other updates.
CONTACT: Michael W. Kaplan
Chief Financial Officer
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