Pacific Sunwear of California, Inc. 2007 first quarter sales were $320.6 million, an increase of 6.9% over total sales of $299.9 million during the first quarter of fiscal 2006 Total Company same store sales decreased 1.2% during the first quarter of fiscal 2007.

By concept, PacSun same store sales increased 0.5 percent and demo same store sales decreased 12.1 percent. Due to the 53rd week in fiscal year 2006, comparable store sales for the fiscal first quarter are compared to the thirteen-week period ended May 6, 2006.

For the first quarter of fiscal 2007, the Company recorded a net loss of $5.1 million, or seven cents per diluted share, compared to net income of $11.9 million, or 16 cents per diluted share, for the first quarter of fiscal 2006. Lease termination charges and additional inventory impairment costs associated with the previously announced 74 demo closure stores accounted for $0.03 per diluted share of the loss.

“Although we ended the quarter with a difficult April, we exited the month with an improved inventory position and an encouraging Juniors business trend,” commented Interim Chief Executive Officer Sally Frame Kasaks.

The Company remains comfortable with its previously stated outlook for the second quarter of fiscal 2007. Second quarter earnings, assuming a low single digit second quarter same-store-sales increase, and excluding anticipated lease termination and agency fee charges associated with the 74 previously announced demo store closures, are expected to be in the range of 18 cents to 20 cents per diluted share.

                      PACIFIC SUNWEAR OF CALIFORNIA, INC.
                         SUMMARY STATEMENTS OF INCOME
           (unaudited, in thousands except share and per share data)

                                             First Quarter Ended
                                         ---------------------------
                                            MAY 5,        APR. 29, 
                                             2007           2006
                                         ------------   ------------
 Net sales                               $    320,585   $    299,888
 Gross margin                                  82,868         97,282
 Selling, G&A expenses                         92,035         79,939
                                         ------------   ------------
 Operating (loss)/income                       (9,167)        17,343
 Interest income, net                             969          1,795
                                         ------------   ------------
 (Loss)/Income before taxes                    (8,198)        19,138
 Income tax (benefit)/expense                  (3,140)         7,273
                                         ------------   ------------
 Net (loss)/income                       $     (5,058)  $     11,865
                                         ============   ============
 Net (loss)/income per share, basic      $      (0.07)  $       0.16
                                         ============   ============
 Net (loss)/income per share, diluted    $      (0.07)  $       0.16
                                         ============   ============
 Wtd avg shares outstanding, basic         69,578,259     73,144,277
                                         ============   ============
 Wtd avg shares outstanding, diluted       69,923,189     73,711,710
                                         ============   ============