Net income for fiscal 2006 was $39.6 million, or $0.56 per diluted share, compared to $126.2 million, or $1.67 per diluted share, for fiscal 2005.
Before the impact of the impairment charges noted above and the charge taken in the third quarter related to a severance obligation to our former CEO, net income for fiscal 2006 was $56.9 million, or $0.80 per diluted share, versus a comparable non-GAAP $117.5 million, or $1.55 per diluted share, for fiscal 2005.
Interim Chief Executive Officer Sally Frame Kasaks commented, "Although fiscal 2006 was disappointing from an earnings standpoint, we have moved aggressively to get the Company back on track and positioned for future growth. Key to this effort has been decreasing the inventory density in our stores to enable us to offer a clearer and more compelling merchandise presentation to our customers."
"We are also moving forward with our plans to close down 74 underperforming demo stores to improve the profitability of the division. Finally, we have introduced updated store design packages for both PacSun and demo, which are receiving encouraging initial responses."
Click here to read more:
Pacific Sunwear of California Inc
marketing@alchempro.com
