Pacific Sunwear of California Inc. reported that total sales for the four weeks of May of fiscal 2003 were $61.1 million, an increase of 22.2% over total sales of $50 million for the four weeks of May of fiscal 2002.
Company same store sales increased 13.2% for the comparable four-week period ended May 31, 2003 with PacSun same store sales up 12.5% and d.e.m.o. same store sales up 20.1%.
Total sales for fiscal 2003 (17 weeks) were $259.4 million, an increase of 22.5% over total sales of $211.7 million for fiscal 2002 (17 weeks). Company same store sales increased 13.1% for the first 17 weeks of fiscal 2003 with PacSun same store sales up 10.9% and d.e.m.o. same store sales up 32.8%.
Based on May sales results the company is raising its second quarter earnings per share outlook to $.20 versus its previous comfort with $.19, which was the mean consensus estimate of analysts at the time of the company’s first quarter earnings conference call on May 12, 2003. For fiscal 2003, the company is comfortable with an earnings per share estimate of $1.26 which is the current mean consensus estimate of analysts.
