Pacific Sunwear of California Inc reported that total sales for the four weeks of fiscal April ended May 5, 2007 were $79.3 million, a decrease of 10.5 percent over total sales of $88.5 million during the same four week period ended May 6, 2006.
Total Company same-store sales decreased 16.5 percent during the same period. By concept, PacSun same-store sales decreased 16.3 percent and demo same-store sales decreased 18.8 percent compared to the same four week period last year. Due to the 53rd week in fiscal year 2006, total sales and comparable store sales for fiscal April 2007 are compared to the four-week period ended May 6, 2006.
Total sales for the first quarter (13-weeks) of fiscal 2007 ended May 5, 2007 were $309.3 million, an increase of 4.3 percent over total sales of $296.5 million during the same 13-week period ended May 6, 2006 last year. Total Company same store sales decreased 1.2 percent during the same period. By concept, PacSun same store sales increased 0.5 percent and demo same store sales decreased 12.1 percent compared to the same 13-week period last year.
After a much weaker than expected April, the Company is updating its outlook for the first half of fiscal 2007. The Company now anticipates first quarter earnings to be a loss of $0.04 to $0.05 per diluted share and second quarter earnings, assuming a low single digit second quarter same-store-sales increase, to be in the range of $0.18 to $0.20 per diluted share.
Aspreviously announced, the Company is in the process of closing 74 underperforming demo stores. The sales results, earnings estimates and store counts reported in this release do not include the impact of the 74 demo stores being closed.
Pacific Sunwear of California Inc
marketing@alchempro.com
