Pacific Sunwear reported that total sales for the five weeks of September, 2003 were $81.9 million, an increase of 29.0% over total sales of $63.5 million for the five weeks of September, 2002. Company same store sales increased 18.5% for the comparable five-week period ended Oct. 4, 2003 with PacSun same store sales up 17.8% and d.e.m.o. same store sales up 24.2%.
“September was another very strong month for both PacSun and d.e.m.o. with same store sales up 17.8% and 24.2%, respectively. Young men's, juniors, footwear and accessories at both PacSun and d.e.m.o. posted double digit same store sales increases for the five weeks,” stated Greg Weaver, chairman and CEO. “I was particularly encouraged about the double digit comparable store sales increase in young men's at PacSun. Our E-Commerce business was also very strong in September, posting an 86% increase in sales. We are pleased to be raising earnings per share guidance for the third quarter by an additional $.02 to $.29,” concluded Mr. Weaver.
Based on September sales results the company is raising its third quarter earnings per share outlook to $.29 (as adjusted for the 3-for-2 stock split effected in August 2003). This outlook assumes an October same store sales increase of approximately 5%. The $.29 earnings per share number includes the previously announced assumption of recording restricted stock expense of approximately $.02 per share associated with a performance based restricted stock award made to the CEO in September 1999. The company expects to record this expense during the third quarter assuming that it determines it is probable the cumulative earnings target for the award will be achieved in fiscal 2003. As reported in the company's periodic filings, the company had not previously recorded any expense for this award as the cumulative earnings target had not been met.
Total sales for the first eight months of fiscal 2003 (35 weeks) were $651.4 million, an increase of 23.8% over total sales of $526.2 million for the first eight months of fiscal 2002 (35 weeks). Company same store sales increased 14.6% for the first 35 weeks of fiscal 2003 with PacSun same store sales up 13.3% and d.e.m.o. same store sales up 26.9%.
