Pacific Sunwear of California Inc reported its financial results for the fourth quarter and fiscal year ended February 3, 2007 (fiscal 2006) and commented on its outlook for the first half of fiscal 2007.
Fourth Quarter Results: For the fourth quarter of fiscal 2006 (14 weeks), total sales were $458.2 million, an increase of 7.8 percent over total sales of $424.9 million for the fourth quarter of fiscal 2005 ended January 28, 2006 (13 weeks). Same-store sales decreased 4.3 percent for the comparable fourteen-week period ended February 3, 2007.
Net income for the fourth quarter of fiscal 2006 was $9.1 million, or $0.13 per diluted share, compared to $47.0 million, or $0.63 per diluted share, in the fourth quarter of fiscal 2005. Fourth quarter results for fiscal 2006 include asset impairment and inventory write-down charges of approximately $16.6 million net of tax, or $0.24 per diluted share, primarily attributable to the Company's previously announced plans to close 74 underperforming demo stores during fiscal 2007.
Before the impact of these charges, net income for the fourth quarter of fiscal 2006 was $25.7 million, or $0.37 per diluted share, versus a comparable non-GAAP income of $45.2 million, or $0.60 per diluted share, for the fourth quarter of fiscal 2005.
Fiscal 2006 Results: Total sales for fiscal 2006 (53 weeks) were $1.45 billion, an increase of 4.0 percent over total sales of $1.39 billion for fiscal 2005 (52 weeks). Same-store sales decreased 4.7 percent for the comparable 53 week period ended February 3, 2007.
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