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Robbie Stephens Keeps 'Buy' on Pacific Sunwear

Robertson Stephens keeps buy on Pacific Sunwear (PSUN).

The specialty retailer posted $0.43 fourth quarter EPS, and 1% lower February comparable sales. Analyst Lauren Cooks Levitan tells salesforce that February comps were below forecast, and cites comp declines in mens bottoms, as well as a weak Florida market. Importantly, she expects improvements in mens bottoms business during Spring break, which, in tandem with strong trends in junior and footwear, should enable the company to report steadily accelerating comp store sales gains. She expects continued improvements in comp trends to increase investor confidence in the company's ability to return to at least high single-digit operating margin in fiscal 2003 (Jan.), with the potential for substantial EPS upside.

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