Pacific Sunwear of California Inc. reported that total PacSun sales for the five weeks ended Oct. 4 were $91.2 million, a decrease of 4% from total PacSun sales of $95.1 million a year ago. Comps decreased 5%. As a result of increased markdown activity, the company now expects 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 September, the company experienced significant further sales deterioration in California, Florida and the Desert Southwest regions, which comprise approximately 24% of the company’s total store base. Collectively, same-store sales in these regions were down 21% for the month. In addition, the company experienced a same-store sales decline of 18% in both the Pacific Northwest and Rocky Mountain/Great Plains regions.
Total PacSun sales for the first 35 weeks of fiscal 2008 were $833.9 million, a decrease of 1% versus total PacSun sales of $845 million during the same period last year. PacSun same store sales decreased 2% during the same period.
