Pacific Sunwear of California Inc. reported net income for the first quarter of fiscal 2003 increased 142% to $8 million, or $0.16 per share, basic and diluted, compared with $3.3 million, or $0.07 per share, basic and diluted, for the first quarter of fiscal 2002, as adjusted for the stock split effected in December 2002.
“I was very pleased with our first quarter earnings which were driven by a 13.1% same store sales increase,” stated Greg Weaver, Chairman and CEO. “Our d.e.m.o. business continues to improve, producing a 36% comparable sales gain in the quarter. Our girls business at both PacSun and d.e.m.o. are generating very strong sales increases. As a result, first quarter operating margin increased significantly, driven by higher gross margin and significant leverage of store expenses,” concluded Weaver.
Total sales for the first quarter (13 weeks) ended May 3, 2003 were $198.3 million, an increase of 22.6% over total sales of $161.7 million for the first quarter (13 weeks) ended May 4, 2002. Same-store sales increased 13.1% for the comparable 13-week period ended May 3, 2003.
PACIFIC SUNWEAR OF CALIFORNIA INC.
SUMMARY STATEMENT OF INCOME
(unaudited)
(in $000's, except share and per share data)
FIRST QUARTER ENDED
MAY 3, 2003 MAY 4, 2002
Net Sales $198,331 $161,710
Gross margin 63,855 49,166
Selling, G&A expense 50,962 43,713
Operating income 12,893 5,453
Interest income/(expense), net 61 (147)
Income before taxes 12,954 5,306
Income tax expense 4,975 2,037
Net income 7,979 3,269
