PacSun’s April comp was up 4-percent, versus a 5.6-percent consensus. That means it’s quarterly comp was down one-percent. So PacSun is lowering its guidance from a $0.06-$0.08 loss to a $0.10-$0.11 loss.
Here’s the breakdown by category: Girls up mid-30s, Guys up low-double-digits, Footwear down mid-50s, and Accessories down low teens.
Here’s the release:
Pacific Sunwear Announces April Sales ResultsANAHEIM, Calif., May 8, 2008 (PRIME NEWSWIRE) — Pacific Sunwear of California, Inc. (Nasdaq:PSUN) today reported that total sales from the Company’s PacSun division for the four weeks of fiscal April ended May 3, 2008 were $73.8 million, an increase of five percent versus division sales of $70.4 million during the same period last year. PacSun same-store sales increased four percent during the same period.
Total sales from the PacSun division for the first 13 weeks of fiscal 2008 were $266.8 million versus division sales of $267.9 million during the same period last year. PacSun same store sales decreased one percent during the same period.
The Company completed the liquidation of its demo business in April. All demo stores are now closed. The Company will report demo as a discontinued operation in quarterly filings beginning with the first quarter of fiscal 2008 ended May 3, 2008. Total sales from these demo liquidation stores for the first 13 weeks of fiscal 2008 were $27.1 million.
The Company expects to report a GAAP net loss for the first quarter of fiscal 2008 in the range of $0.17 to $0.18 per diluted share. This range includes a non-cash impairment charge of approximately $0.07 per diluted share for the materials handling equipment associated with the sale of its Anaheim Distribution Center. Further details regarding this transaction are part of the Company’s Form 8-K filed with the SEC on May 2, 2008.
For more detailed information on April sales results, please call (714) 414-4210 to listen to a recorded commentary.