Pacific Sunwear of California Inc. reported net income for the third quarter of fiscal 2003 was $24.5 million, or $.32 per share, basic, and $.31 per share, diluted, an increase of 54% over net income of $15.9 million, or $.22 per share, basic, and $.21 per share, diluted, for the third quarter of fiscal 2002.

Sales for the third quarter of fiscal 2003 were $281.3 million, an increase of 23.3% over sales of $228.2 million for the third quarter of fiscal 2002. Company same-store sales increased 13.8% for the third quarter of fiscal 2003 with PacSun same-store sales up 13.2% and
d.e.m.o. same-store sales up 19.9%.

“I am very proud of the company's successes during the first nine
months of fiscal 2003. We have made great strides in all product areas
and expect to have significant improvement in sales per square foot
and operating margin in 2003. For the fourth quarter of fiscal 2003,
the company is comfortable with the mean consensus earnings per share
estimate of analysts of $.37, and is based on our assumption of a 5-6%
same store sales increase for the quarter. We enter Holiday 2003
feeling very good about our assortments. For fiscal 2004, our guidance
is for 20% earnings growth over fiscal 2003. In 2003, d.e.m.o. has
become a strong second concept that in no way erodes our core
business. We remain very much on track to grow to 1,400 stores by the
end of 2007, which will incorporate 1,000 PacSun stores and 400
d.e.m.o. stores,” stated Greg Weaver, chairman and chief executive
officer.

Net income for the first nine months of fiscal 2003 was $45.9
million, or $.60 per share, basic, and $.59 per share, diluted, an
increase of 73% over net income of $26.5 million, or $.36 per share,
basic, and $.35 per share, diluted, for the first nine months of
fiscal 2002. Sales for the first nine months of fiscal 2003 were
$714.0 million, an increase of 22.9% over sales of $580.8 million for
the first nine months of fiscal 2002. Company same-store sales
increased 13.7% for the first nine months of fiscal 2003 with PacSun
same-store sales up 12.4% and d.e.m.o. same-store sales up 25.5%.

                  PACIFIC SUNWEAR OF CALIFORNIA INC.

                      SUMMARY STATEMENT OF INCOME

                              (unaudited)

           (in $ thousands, except share and per share data)


                         Third Quarter Ended     Nine Months Ended

                          Nov. 1,     Nov. 2,     Nov. 1,     Nov. 2,

                           2003        2002        2003        2002


Net sales                $281,253    $228,239    $713,976    $580,803

Gross margin              100,617      78,915     244,305     188,687

Selling, G&A expense       61,358      52,959     170,499     145,126


Operating income           39,259      25,956      73,806      43,561

Interest income

 (expense)                    213        (140)        342        (593)


Income before taxes        39,472      25,816      74,148      42,968

Income tax expense         14,963       9,914      28,281      16,500


Net income                $24,509     $15,902     $45,867     $26,468

Net income per share,

 basic (a)                $0.32       $0.22       $0.60       $0.36

Net income per share,

 diluted (a)              $0.31       $0.21       $0.59       $0.35

Weighted average

 shares outstanding,

 basic (a)             77,685,516  73,955,606  76,031,944  73,879,124

Weighted averaged

 shares outstanding,

 diluted (a)           79,876,426  74,923,747  78,322,218  74,947,662


    (a) Prior year shares outstanding and earnings per share have been

adjusted for the three-for-two stock splits effected Dec. 18, 2002,

and Aug. 25, 2003.