Given the much weaker than expected sales and gross margin in fiscal July, the Company is providing an update on its second quarter earnings outlook.
The Company expects to report a GAAP loss of $0.16 to $0.17 per diluted share which includes a charge of approximately $0.14 attributed to the previously announced lease termination and other charges associated with the closing of the 74 demo stores, and $0.09 per diluted share of impairment charges related to its One Thousand Steps retail concept. Excluding these charges, the Company expects non-GAAP earnings between $0.06 and $0.07 per diluted share.
The Company expects to report its second quarter results on August 23, 2007 after the close of regular stock market hours.
Pacific Sunwear of California Inc
marketing@alchempro.com
