ANAHEIM, Calif., Nov. 6, 2008 (GLOBE NEWSWIRE) -- Pacific Sunwear of California, Inc. (Nasdaq:PSUN) today reported that total PacSun sales for the four weeks of fiscal October ended November 1, 2008 were $69.3 million, a decrease of 10 percent from total PacSun sales of $76.7 million during the same period last year. PacSun same-store sales decreased 11 percent during the same period.
Total PacSun sales for the fiscal third quarter of 2008 were $323.6 million, a decrease of five percent from total PacSun sales of $341.8 million during the same period last year. PacSun same store sales decreased seven percent during the same period.
Total PacSun sales for the first 39 weeks of fiscal 2008 were $903.2 million, a decrease of two percent versus total PacSun sales of $921.7 million during the same period last year. PacSun same store sales decreased three percent during the same period.
During October, the Company experienced negative same store sales in all regions with the exception of the Mid-West where results were flat. Sales continued to be weakest in California, the Desert Southwest, the Northwest and the Rocky Mountain/Great Plains regions.
The Company now expects to report a fiscal 2008 third quarter net loss of approximately $0.07 to $0.08 per diluted share including a $0.06 non-cash goodwill impairment charge and a $0.03 negative impact due to a change in the Company's estimated effective income tax rate.
The Company intends to issue its third quarter earnings release on November 18, 2008 after the close of regular stock market hours.
For more detailed information on October sales results, please call (714) 414-4210 to listen to a recorded commentary.
About Pacific Sunwear of California, Inc.
Pacific Sunwear is a leading lifestyle specialty retailer rooted in the youth culture and fashion vibe of Southern California. The Company sells casual apparel with a limited selection of accessories and footwear designed to meet the needs of teens and young adults. As of November 1, 2008, the Company operated 815 PacSun stores and 125 PacSun Outlet stores for a total of 940 stores in 50 states and Puerto Rico. PacSun's website address is www.pacsun.com.
The Pacific Sunwear of California logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2087
Pacific Sunwear Safe Harbor
This press release contains "forward-looking statements," including statements with respect to the Company's expectations of fiscal 2008 third quarter earnings per share. In each case, these statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company intends that these forward-looking statements be subject to the safe harbors created thereby. These statements are subject to risks, uncertainties and other factors, including, among others, changes in economic conditions generally, changes in consumer spending, demands and preferences, competition from other retailers, higher than anticipated markdowns and/or higher than estimated selling, general and administrative expenses for the quarter and uncertainties generally associated with apparel retailing. More information on factors that could affect the Company's financial results is included in the Company's Report on form 10-K for the year ended February 2, 2008 and subsequent periodic reports filed with the Securities and Exchange Commission. We believe that all forward-looking statements are based on reasonable assumptions when made; however, we caution that it is impossible to predict actual results or outcomes or the effects of risks, uncertainties or other factors on anticipated results or outcomes. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur after such statements are made. Nonetheless, the Company reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.