Pacific Sunwear of California Inc. reported that total sales for the five weeks of December of fiscal 2002 were $152.9 million, an increase of 28.7% over total sales of $118.8 million for the five weeks of December of fiscal 2001.
“Our 2002 holiday sales performance was very strong at both PacSun and d.e.m.o. Internet sales increased 43% compared to the same period a year ago. Gift card sales for the holiday period increased 40% over the prior year. We feel we are well positioned as we enter 2003,” stated Greg Weaver, chairman and CEO.
Based upon December same-store sales results, the company now expects fourth-quarter same-store sales will be up approximately 13%, assuming that January same-store sales increase 6-8%.
As a result, the company believes fourth-quarter earnings per share will likely be $0.43 (as adjusted for the three-for-two stock split effected in December 2002) which represents a 48% increase in earnings per share over the fourth quarter last year.
Total sales for the first 11 months (48 weeks) of fiscal 2002 were $802.7 million, an increase of 22.9% over total sales of $653.2 million for the first 11 months (48 weeks) of fiscal 2001. Company same-store sales increased 9.2% for the first 11 months with PacSun same-store sales up 9.0% and d.e.m.o. same-store sales up 11.1%.
