Pacific Sunwear of California, Inc. announced that it is increasing its store opening plans to 75 net new stores for fiscal 2003, which includes at least 10 net new d.e.m.o. stores.
“We are again increasing our store count for fiscal 2003 based on the momentum of our business,” stated Greg Weaver, Chairman and Chief Executive Officer. “Im especially pleased to announce that our d.e.m.o. concept will be expanded in 2003 and 2004. We have made significant improvements in merchandising and store operations at d.e.m.o. in the past nine months with same store sales up 16.9% during that time. We believe d.e.m.o. can be at least a 200 store nationwide chain in the next few years, which may prove to be conservative,” concluded Mr. Weaver.
For fiscal 2003, the Company plans to open 75 net new stores versus the previously announced 60 net new stores. The 75 net new stores includes approximately 87 new stores less 12 planned store closings. The 75 net new stores includes 54 net new PacSun stores, four net new PacSun Outlet stores and ten net new d.e.m.o. stores. The Company also plans to expand or relocate approximately 30 stores to larger locations in fiscal 2003 which is unchanged from what was previously announced. The net square footage increase for fiscal 2003 is now expected to be 12%.
