Pacific Sunwear of California, Inc. reported that total PacSun sales for the four weeks ended November 1, were $69.3 million, a decrease of 10% from sales of $76.7 million a year ago. PacSun same-store sales decreased 11% during the same period. The retailer now expects to post a small loss in the third quarter.
The company now expects to report a fiscal 2008 third quarter net loss of approximately 7 cents to 8 cents per share including a 6 cents per share non-cash goodwill impairment charge and a 3 cents per share negative impact due to a change in the company's estimated effective income tax rate.
When it announced September results, PacSun said that as a result of increased markdown activity, it expected fiscal 2008 third quarter earnings to be at the low end of its previously announced earnings guidance range of break even results to 5 cents per share.
During October, the company experienced negative same store sales in all regions with the exception of the Mid-West where results were flat. Sales continued to be weakest in California, the Desert Southwest, the Northwest and the Rocky Mountain/Great Plains regions.
Total PacSun sales for the fiscal third quarter of 2008 were $323.6 million, a decrease of 5% from total PacSun sales of $341.8 million during the same period last year. PacSun same store sales decreased 7% during the same period.
Total PacSun sales for the first 39 weeks of fiscal 2008 were $903.2 million, a decrease of two percent versus total PacSun sales of $921.7 million during the same period last year. PacSun same store sales decreased three percent during the same period.
