Pacific Sunwear of California, Inc. reported that total company sales for fiscal December were $234.6 million, a slight increase over total sales of $233.5 million recorded last year. By concept, PacSun total sales were $213.6 million, a 4.0% increase over total sales of $205.4 million during the same five week period last year. demo total sales were $19.3 million, a decrease of 27.3% from total sales of $26.6 million during the same five week period last year.
By concept, PacSun same-store sales increased 0.8% and demo same-store sales decreased 28.4% compared to the same five week period last year. Total company same-store sales decreased 2.8% during the same period. Due to the 53rd week in fiscal year 2006, total sales and comparable store sales for fiscal December 2007 are compared to the five-week period ended January 6, 2007.
Total sales for the first nine weeks of fourth quarter fiscal 2007 ended January 5, 2008, were $355.5 million, an increase of 1.5% over total sales of $350.2 million during the same nine-week period ended January 6, 2007 last year. By concept, PacSun same-store sales increased 2.8% and demo same-store sales decreased 29.2% compared to the same nine-week period last year. Total company same-store sales decreased 1.1% during the same period.
Total sales for the first 48 weeks (year to date) of fiscal 2007 ended January 5, 2008 were $1,380.1 million, an increase of 5.0% over total sales of $1,314.2 million during the same 48 week period ended January 6, 2007. By concept, PacSun total sales were $1,243.9 million, an increase of 6.9% over total sales of $1,163.7 million during the same 48 week period last year. demo total sales were $128.3 million, a decrease of 11.0% from total sales of $144.2 million during the same 48 week period last year.
By concept, PacSun same-store sales increased 3.7% and demo same-store sales decreased 18.3% compared to the same 48-week period last year. Total company same-store sales increased 1.2% during the same period. Year to date sales figures for both years exclude sales from the 74 demo stores closed earlier this year.
Fourth Quarter GAAP Earnings Per Share Estimate Update
Due to the weaker than expected performance in December, and the impact of currently known lease termination, retention and severance costs associated with demo, One Thousand Steps and the Anaheim distribution center, the company now expects fourth quarter GAAP earnings to be in the range of 11 cents to 14 cents per diluted share. This earnings range assumes a continuation of the December comp performance during the month of January.
Fourth Quarter Pac-Only Non-GAAP Earnings Per Share Estimate Update
As a result of the company's previously announced plans to close its demo and One Thousand Steps stores and Anaheim distribution center, and the uncertainty regarding the financial impact those plans may produce, the company also provided non-GAAP earnings guidance associated with its core PacSun business on a stand-alone basis. The following non-GAAP earnings range reflects the weaker than expected December sales performance from the PacSun business, but excludes all financial impacts associated with the company's demo and One Thousand Steps businesses as well as all closure-related charges associated with the company's Anaheim distribution center. On this basis, the company currently expects fourth quarter non-GAAP earnings to be in the range of 29 cents to 32 cents per diluted share. This earnings range assumes a continuation of the December comp performance during the month of January.
Fourth Quarter 2007: Low High
GAAP Earnings per Share Estimate $0.11 $0.14
Add back:
Estimated impact of demo 0.14 0.14
Estimated impact of One Thousand Steps 0.04 0.04
Estimated impact of Anaheim Dist. Ctr. (1) — —
Non-GAAP Earnings per Share Estimate $0.29 $0.32
(1) Less than $.01 per share.
