Pacific Sunwear of California, Inc. said net sales for the second quarter of fiscal 2009 ended August 1, 2009, were $243 million versus net sales from continuing operations of $313 million for the second quarter weeks) of fiscal 2008 ended August 2, 2008. Total company same-store sales decreased 24% during the period.
The company recorded a net loss of $14.2 million, or 22 cents per diluted share, for the second quarter of fiscal 2009 compared to income from continuing operations of $3.7 million, or 6 cents per diluted share, for the second quarter of fiscal 2008.
“Clearly, we have a lot of work to do to stem our decline in sales and ultimately return to profitability,” stated Gary Schoenfeld, President and Chief Executive Officer. “I remain confident in our ability to take on this challenge. Our branded assortments differentiate us from our vertical competitors, and I believe that in time we will once again make PacSun the favorite place to shop for 15-20 year olds.”
PACIFIC SUNWEAR OF CALIFORNIA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands except share and per share data)
Second Quarter Ended First Half Ended
———————- ———————-
Aug. 1, Aug. 2, Aug. 1, Aug. 2,
2009 2008 2009 2008
———- ———- ———- ———-
Net sales $ 242,794 $ 312,726 $ 466,260 $ 579,592
Gross margin 57,708 95,258 118,982 170,723
Selling, G&A expenses 79,343 90,173 156,112 185,985
———- ———- ———- ———-
Operating (loss)
income from continuing
operations (21,635) 5,085 (37,130) (15,262)
Other income
(expense), net 66 11 (163) 769
———- ———- ———- ———-
(Loss) income from
continuing operations
before income taxes (21,569) 5,096 (37,293) (14,493)
Income tax (benefit)
expense (7,414) 1,388 (14,395) (6,232)
———- ———- ———- ———-
(Loss) income from
continuing operations (14,155) 3,708 (22,898) (8,261)
Loss from discontinued
operations, net of
tax benefit — (912) — (26,045)
———- ———- ———- ———-
Net (loss) income $ (14,155) $ 2,796 $ (22,898) $ (34,306)
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