Pacific Sunwear of California, Inc. saw sales for the five weeks of fiscal December ended Jan. 3, 2009 of $196.0 million, a decrease of nine percent from total PacSun sales of $214.4 million during the same period last year. PacSun same-store sales decreased 10% during the same period.
Total PacSun sales for the first nine weeks of the fiscal fourth quarter of 2008 were $297.0 million, a decrease of eight percent from total PacSun sales of $324.6 million during the same period last year. PacSun same-store sales decreased 10% during the same period.
Total PacSun sales for the first 48 weeks of fiscal 2008 were $1.20 billion, a decrease of four percent versus total PacSun sales of $1.25 billion during the same period last year. PacSun same-store sales decreased five percent during the same period.
During December, the company significantly reduced its inventories, although with a very high rate of markdowns. The company ended fiscal December with inventories down 12% per square foot year-over-year and now expects to end fiscal 2008 with inventories down approximately 20 percent per square foot year-over-year. This compares to its previous expectation of inventories down at least high-single digits at the end of fiscal 2008. Due in part to the increased promotions and anticipated further markdown reserves, and assuming a same-store sales decrease in the mid-teens range for the month of January, the company now expects to report a fiscal 2008 fourth quarter net loss of 38 cents to 43 cents per diluted share, including an estimated gain of approximately 10 cents per diluted share from the previously-announced sale of the company's Anaheim distribution center. Approximately 19 cents of the fiscal fourth quarter loss is attributable to markdown reserves. The company also now anticipates ending fiscal 2008 with cash balances of between $15million to $20 million and no direct borrowings under its $150 million credit facility.
