Pac Sun: September Same-Store Sales Decrease 7.1%

(Business Wire) — Pacific Sunwear (Nasdaq: PSUN) reported total sales of 53.4-million dollars for September. Total sales for September decreased 6.1 percent.

Last month, company same-store sales decreased 7.1-percent, with PacSun same-store sales down 7.9 percent and d.e.m.o. same-store sales up .9 percent.

For the first eight days of the five-week fiscal period, from September 3 through September 10, company same-store sales were down sixteen percent. On September 11, the company closed all stores early and same-store sales for week two (ending September 16) were down fourteen percent. Same store sales in week three were down one percent, up six percent in week four, and down two percent in week five.

“Although there was an improvement in our business in the last three weeks after the terrorist attacks, September sales were significantly below plan,” said PacSun Chairman and CEO Greg Weaver. “Lower consumer confidence and spending will likely affect sales in October and the fourth quarter.

“Although the retail environment is very uncertain, we plan to have a strong merchandise offering for holiday. We also plan to be more conservative with expenses for the balance of the year.”

Pacific Sunwear expects that third quarter diluted earnings per share will be in the range of $0.25 and $0.27, and that fourth quarter diluted earnings per share will be in the range of $0.33 and $0.37.

Total sales for the first eight months (35 weeks) of fiscal 2001 were 435.2-million dollars, an increase of 16.6 percent over sales of 373.3-million dollars for the first eight months of fiscal 2000.

Company same-store sales decreased 4.5 percent over the first eight months of fiscal 2001, with PacSun same-store sales down 5.1 percent and d.e.m.o. same-store sales up 2.5 percent.