Pacific Sunwear of California, Inc. reported that total sales for the four weeks of fiscal May ended June 2, 2007 were $97.7 million, an increase of 10.9% over total sales of $88.1 million during the same four week period ended June 3, 2006. Total Company same-store sales increased 6.4% during the same period.
By concept, PacSun same-store sales increased 7.4% and demo same-store sales decreased 2.6% compared to the same four week period last year. Due to the 53rd week in fiscal year 2006, total sales and comparable store sales for fiscal May 2007 are compared to the four-week period ended June 3, 2006.
Total sales for the first 17 weeks of fiscal 2007 ended June 2, 2007 were $407.0 million, an increase of 5.8% over total sales of $384.6 million during the same 17-week period ended June 3, 2006 last year. Total Company same-store sales increased 0.5% during the same period. By concept, PacSun same-store sales increased 2.1% and demo same-store sales decreased 10.5% compared to the same 17-week period last year.
Due to a more promotional environment in May 2007 versus May 2006, the Company is reiterating its second quarter guidance of $0.17 to $0.19 per diluted share. This guidance assumes a second quarter low single digit same-store sales increase and includes the previously reported $0.01 per share impact to second quarter earnings as a result of the compensation arrangements for the Company's new Chief Executive Officer, Sally Frame Kasaks.
As of the end of fiscal May 2007, the Company had closed all of the previously announced 74 underperforming demo stores. The sales results, earnings estimates and store counts reported in this release do not include the impact of the 74 demo store closures.
