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Pacific Growth Keeps 'Overwieght' on Pacific Sun

Pacific Growth reiterated overwieght on Pacific Sunwear(PSUN).

Analyst Dawn Stoner says at a competitor's conference Tuesday, the specialty retailer reiterated its operating margin goal of 12%, square footage growth of 10%-plus for fiscal 2004 (Jan.). She thinks these goals are conservative, and are likely to be raised when Pacific Sunwear posts second-quarter results in August.

For the near term, Stoner says she sees sales momentum and margin expansion being driven by the girls' business, and by new brands arriving for the back-to-school season, as well as continued strong momentum at d.e.m.o stores. She says the guys' business should benefit from a more favorable competitive landscape, as Gadzooks exits the menswear business , and as privately held Mr. Rags stores are shuttered.

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