Pacific Sunwear of California Inc announced that total sales for the first quarter (13-weeks) of fiscal 2007 ended May 5, 2007 were $320.6 million, an increase of 6.9 percent over total sales of $299.9 million during the first quarter (13-weeks) of fiscal 2006 ended April 29, 2006.
Total Company same store sales decreased 1.2 percent during the first quarter of fiscal 2007. By concept, PacSun same store sales increased 0.5 percent and demo same store sales decreased 12.1 percent. Due to the 53rd week in fiscal year 2006, comparable store sales for the fiscal first quarter are compared to the thirteen-week period ended May 6, 2006.
For the first quarter of fiscal 2007, the Company recorded a net loss of $5.1 million, or $(0.07) per diluted share, compared to net income of $11.9 million, or $0.16 per diluted share, for the first quarter of fiscal 2006.
Lease termination charges and additional inventory impairment costs associated with the previously announced 74 demo closure stores accounted for $0.03 per diluted share of the loss.
"Although we ended the quarter with a difficult April, we exited the month with an improved inventory position and an encouraging Juniors business trend," commented Interim Chief Executive Officer Sally Frame Kasaks.
Fiscal 2007 Second Quarter Outlook:
The Company remains comfortable with its previously stated outlook for the second quarter of fiscal 2007. Second quarter earnings, assuming a low single digit second quarter same-store-sales increase, and excluding anticipated lease termination and agency fee charges associated with the 74 previously announced demo store closures, are expected to be in the range of $0.18 to $0.20 per diluted share.
Pacific Sunwear of California Inc
marketing@alchempro.com
