Pacific Sunwear of California reported that total PacSun sales for the fiscal month of December declined 9% to $196 million from $214.4 million in the year ago period. PacSun comp store sales decreased 10% for the month.
Apparel comps were up 9% and accounted for 88% of total comp sales. Junior apparel comps were up 23%, driven by strong sales of Bullhead denim and tops. For Young Mens, comps were down 2% as strength in Bullhead was offset by weakness in tees and fleece. Accessory comps were down 61% and accounted for 12% of comp store sales. Transactions were up mid-single-digits, while the average sale per comp store was down mid-teens.
During December, PacSun significantly reduced its inventories, although with a very high rate of markdowns. The company ended fiscal December with inventories down 12% per square foot year-over-year and now expects to end fiscal 2008 with inventories down approximately 20% per square foot. This compares to PSUNs previous expectation of inventories down at least high-single-digits at the end of fiscal 2008.
Zumiez, Inc. reported a 12.3% decline in same-store sales after a 3.9% increase in comps for the year-ago period. Management said the decrease in comps was driven by a decrease in store transactions and a decrease in average unit retail. The companys total net sales for the five-week period ended Jan. 3 were essentially flat at $72 million. Fiscal December weekly comps were -27.1%, -24.8, -27%, +15.9% and +12.3% for weeks one through five, respectively.
ZUMZ saw negative comps in mens and juniors apparel, accessories, hardgoods and boys apparel. Stores west of Texas and in Florida, which comped down in the high-teens, continued to post comp store losses below stores in the South, Midwest and Northeast. Stores in the West and Florida make up about 57% of comp store sales.
