Pacific Sunwear of California, Inc. reported that total sales for the four weeks of fiscal April ended May 5, 2007 were $79.3 million, a decrease of 10.5% over total sales of $88.5 million during for the yeaar-ago month. Total company same-store sales decreased 16.5% during the same period. By concept, PacSun same-store sales decreased 16.3% and demo same-store sales decreased 18.8% compared to the same four week period last year.
Due to the 53rd week in fiscal year 2006, total sales and comparable store sales for fiscal April 2007 are compared to the four-week period ended May 6, 2006.
Total sales for the first quarter of fiscal 2007 ended May 5, 2007 were $309.3 million, an increase of 4.3% from total sales of $296.5 million during the same 13-week period ended May 6, 2006 last year. Total company same-store sales decreased 1.2% during the same period. By concept, PacSun same store sales increased 0.5% and demo same store sales decreased 12.1% compared to the same 13-week period last year.
After a much weaker than expected April, PSUN is updating its outlook for the first half of fiscal 2007. The company now anticipates first quarter earnings to be a loss of four cents to five cents per diluted share and second quarter earnings, assuming a low single digit second quarter same-store-sales increase, to be in the range of $0.18 to $0.20 per diluted share.
As previously announced, PSUN is in the process of closing 74 underperforming demo stores. The sales results, earnings estimates and store counts reported in this release do not include the impact of the 74 demo stores being closed.
