Well, PacSun also saw weaker-than-expected March comparable store sales. PSUN reported same-store sales down 8% for March. According to the company’s press release, unfavorable weather, an early Easter Holiday, and disappointing guys apparel sales adversely affected business.
Of the five week period, comps were up as much as low 30s in week three and down as much as mid 30s in week five. According to PacSun, this major swing was due to Easter falling two weeks earlier this year than last.
In total, sales dropped 10 million dollars—from 125 million last year to 115 mil this year—for the five weeks ended April 8, 2008.
So I guess the Easter Bunny didn’t visit PacSun this year.
Here’s The Release:
PacSun March Same-Store Sales Fall
Thursday April 10, 7:38 am ET
Pacific Sunwear March Same-Store Sales Fall 8 Percent, Below Wall Street Expectations
ANAHEIM, Calif. — Teen apparel retailer Pacific Sunwear of California Inc. said Thursday that same-store sales fell 8 percent in March, missing analysts’ expectations.
Analysts surveyed by Thomson Financial expected same-store sales to drop by 1.7 percent.
Total sales for the five weeks ended April 5, 2008 fell 8 percent to $115.3 million, from $125 million last year.
Same-store sales, or sales at stores open at least a year, is a key measure of retailer performance, because it measures growth at existing stores rather than from newly opened ones.
For the first nine weeks of fiscal 2008, same-store sales fell 3 percent while total sales fell 2 percent to $192.9 million.