Pacific Sunwear of California Inc. reported that net income for the first quarter of fiscal 2005 increased 17.6% to $17.6 million, compared to $15.0 million in the prior year. Earnings per diluted share increased 21.1% to 23 cents, compared to 19 cents per diluted share for the first quarter of fiscal 2004.
Total sales for the first quarter (13 weeks) ended April 30, 2005, were $280.0 million, an increase of 14.1% over total sales of $245.5 million for the first quarter (13 weeks) ended May 1, 2004. Same-store sales increased 3.0% for the comparable 13-week period ended April 30, 2005.
“I am pleased with our first quarter results,” commented Seth Johnson, chief executive officer of Pacific Sunwear. “We achieved a strong earnings increase through tight management of our inventory and expenses. This quarter we also passed the 1,000 store milestone with the opening of 23 net new stores.”
Pacific Sunwear, operating under two distinct retail concepts, is a leading specialty retailer of everyday casual apparel, accessories and footwear designed to meet the needs of active teens and young adults. As of April 30, 2005, the company operated 754 PacSun stores, 86 PacSun Outlet stores and 173 d.e.m.o. stores for a total of 1,013 stores in 50 states and Puerto Rico.
PACIFIC SUNWEAR OF CALIFORNIA INC.
SUMMARY STATEMENT OF INCOME
(unaudited)
(in $000's, except share and per share data)
FIRST QUARTER ENDED
APR 30, 2005 MAY 1, 2004
Net sales $279,985 $245,501
Gross margin 97,350 86,205
Selling, G&A expense 70,123 62,592
Operating income 27,227 23,613
Interest income, net 1,086 457
Income before taxes 28,313 24,070
Income tax expense 10,706 9,101
Net income $17,607 $14,969
Net income per share, basic $0.23 $0.19
Net income per share, diluted $0.23 $0.19
