Pacific Sunwear Reports Holiday Sales; Provides Update on Fourth Quarter Financial Outlook

Pacific Sunwear Reports Holiday Sales; Provides Update on Fourth Quarter
Financial Outlook

ANAHEIM, Calif., Jan. 9, 2014 (GLOBE NEWSWIRE) -- Pacific Sunwear of
California, Inc. (Nasdaq:PSUN) (the "Company"), announced today that its
fourth fiscal quarter comparable store sales through January 4, 2014 (the
"Holiday Period") were flat on a continuing operations basis, excluding online
sales. The Company stated that with the growing relevance of online sales in
the marketplace, it will hereafter include online sales in its comparable
store sales. Including online sales, comparable store sales during the Holiday
Period increased 1% compared to the same period a year ago, on a continuing
operations basis.

"After a strong start to the holiday season in November, the first three weeks
of December were significantly below our expectations primarily due to a
decrease in traffic and softness in denim. Business picked up in the final few
days prior to Christmas and then finished the month strong as self-shoppers
came back to the mall. Overall, it has been a choppy holiday season and we now
expect fourth quarter comparable store sales to be flat to 1%, compared to
last year," said Gary H. Schoenfeld, President and Chief Executive Officer.

Based on these recent trends, the Company now expects non-GAAP loss per
diluted share from continuing operations for the fourth quarter of fiscal 2013
to be in the range of $(0.21) to $(0.18), which after adjusting for the 53rd
week retail calendar shift, compares to $(0.20) last year.

The revised fourth quarter non-GAAP loss from continuing operations per
diluted share guidance range is based on the following assumptions:

  *Comparable store sales, including online sales, from flat to 1%;
  *Revenue from $211 million to $214 million;
  *Gross margin rate, including buying, distribution and occupancy, of 19% to
  *SG&A expenses in the range of $58 million to $59 million; and
  *Applicable non-GAAP adjustments are tax effected using a normalized annual
    income tax rate of approximately 37%.

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 9, 2014, the Company operates 629 stores in all 50 states and Puerto
Rico. PacSun's website address is

Pacific Sunwear Safe Harbor

This press release contains "forward-looking statements" including, without
limitation, the statements made in the second, third and fourth paragraphs
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: increased sourcing and product
costs; adverse changes in U.S. and world economic conditions generally;
adverse changes in consumer spending; changes in consumer demands and
preferences; adverse changes in same-store sales; higher than anticipated
markdowns and/or higher than estimated selling, general and administrative
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 February 2, 2013, and subsequent periodic reports filed with
the SEC. Historical results achieved are not necessarily indicative of 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

CONTACT: Michael W. Kaplan
         Chief Financial Officer
         (714) 414-4003

Pacific Sunwear of California, Inc. Logo
Press spacebar to pause and continue. Press esc to stop.