Pacific Sunwear Comp Store Sales Jump 20.4%

Pacific Sunwear of California Inc. reported that total sales for the four weeks of January of fiscal 2002 were $43.7 million, an increase of 38% over total sales of $31.7 million for the four weeks of January of fiscal 2001.

Company same-store sales increased 20.4% for the comparable four-week period ended Feb. 1, 2003, with PacSun same-store sales up 18.7% and d.e.m.o. same-store sales up 32.8%.

Based upon January same-store sales results, the company believes fourth-quarter earnings per share will likely be $0.44 (as adjusted for the three-for-two stock split effected in December 2002) which represents a 52% increase in earnings per share over the fourth quarter last year.

Total sales for the fourth quarter (13 weeks) of fiscal 2002 were $265.6 million, an increase of 27.9% over total sales of $207.6 million for the fourth quarter (13 weeks) of fiscal 2001. Company same-store sales increased 15.6% for the fourth quarter, with PacSun same-store sales up 14.3% and d.e.m.o. same-store sales up 27%.

Total sales for fiscal 2002 (52 weeks) were $846.4 million, an increase of 23.6% over total sales of $684.8 million for fiscal 2001 (52 weeks). Company same-store sales increased 9.7% for fiscal 2002 with PacSun same-store sales up 9.4% and d.e.m.o. same-store sales up 12.4%.

In fiscal 2002, the company added a total of 73 net new stores and expanded or relocated 30 stores to larger locations, which equated to square footage growth of 14%. The 73 net new stores included 63 PacSun stores, four PacSun outlets and six d.e.m.o. stores.

For fiscal 2003, the company plans to open 60 net new stores vs. the previously announced 50 net new stores. The 60 net new stores includes approximately 72 new stores less 12 planned store closings. The 60 net new stores includes 54 net new PacSun stores, four net new PacSun Outlet stores and two 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 10%-11%.