Pacific Sunwear of California, Inc. saw net sales for the four weeks of fiscal January decreased 3.7% to $66.3 million from $68.9 million for the same four week period last year. By concept, PacSun total sales were $59.6 million, a slight increase over total sales of $59.4 million during the same four week period last year. demo total sales were $6.6 million, a decrease of 36.6% from total sales of $10.4 million during the same four week period last year.
By concept, PacSun same-store sales decreased 1.7% and demo same-store sales decreased 37.9% compared to the same four week period last year. Total company same-store sales decreased 7.4% during the same period. Due to the 53rd week in fiscal year 2006, total sales and comparable store sales for fiscal January 2007 are compared to the four-week period ended February 3, 2007.
Total sales for the 13-weeks of fourth quarter fiscal 2007 ended February 2, 2008, were $421.8 million, a slight increase over total sales of $419.0 million during the same 13-week period ended February 3, 2007. By concept, PacSun total sales for the 13-week period were $384.1 million, a 4.5% increase over total sales of $367.6 million during the comparable 13-week period last year. demo total sales were $36.0 million, a decrease of 29.2% from total sales of $50.8 million during the comparable 13-week period last year.
By concept, PacSun same-store sales increased 2.1% and demo same-store sales decreased 31.0% compared to the same thirteen-week period last year. Total company same-store sales decreased 2.2% during the same period.
Total sales for the 52-weeks of fiscal 2007 ended February 2, 2008 were $1.45 billion, an increase of 4.6% over total sales of $1.38 billion during the same 52 week period ended February 3, 2007. By concept, PacSun total sales were $1.31 billion, an increase of 6.7% over total sales of $1,223.0 million during the same 52-week period last year. demo total sales were $135.0 million, a decrease of 12.7% from total sales of $154.6 million during the same 52-week period last year.
By concept, PacSun same-store sales increased 3.4% and demo same-store sales decreased 19.6% compared to the same 52-week period last year. Total company same-store sales increased 0.7% during the same period. Sales figures for both years exclude sales from the 74 demo stores closed earlier this fiscal year.
Fourth Quarter Earnings Update
The company now expects fourth quarter GAAP earnings to be 13 cents to 16 cents per diluted share. The company reiterated its fourth quarter, non-GAAP earnings guidance of 29 cents to 32 cents per diluted share.
Reconciliation of GAAP to Non-GAAP Earnings Per Share Estimates
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Fourth Quarter 2007: Low High
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GAAP Earnings per Share Estimate $0.13 $0.16
Add back:
Estimated impact of demo 0.12 0.12
Estimated impact of One 0.04 0.04
Thousand Steps
Non-GAAP Earnings per Share $0.29 $0.32
