Pacific Sunwear of California, Inc. reported quarter-to-date same-store sales through Jan. 1, 2011 declined 7%. The company's fourth quarter and fiscal year ends on Jan. 29, 2011.
“While our Men's business continues to trend toward a positive comp for the quarter and the year, the Women's business has reverted back to earlier trends of down approximately 20%, resulting in disappointing sales and merchandise margins for the holiday season,” said Gary H. Schoenfeld, President and Chief Executive Officer. “Clearly we have to reverse this decline in Women's and we believe we have the merchandising and marketing plans in place to do so as we look ahead to the Spring/Summer season of 2011.”
Based upon lower sales and merchandise margins, the company revised its GAAP earnings guidance range for the fourth quarter to a loss per share of 49 cents to 54 cents. On a comparable non-GAAP basis, utilizing a normalized income tax rate of 37%, this guidance range translates to a loss per share of 31 cents to 34 cents for the fourth quarter.
