Pacific Sunwear of California, Inc. (Nasdaq:PSUN) today announced that its Board of Directors has named Lead Director Sally Frame Kasaks as the Company’s interim Chief Executive Officer following the resignation of Seth Johnson.
The Board is initiating a search for a permanent Chief Executive Officer. While in her interim role, Ms. Kasaks will step down temporarily from her positions as Lead Director, Chairman of the Nominating and Governance Committee and member of the Compensation Committee. During this time, Board member Peter Starrett will become interim Lead Director and interim Chair of the Nominating and Governance Committee.
“On behalf of the Board, I want to thank Seth for his contributions to the Company and wish him well as he pursues other interests,” said Ms. Kasaks. “I look forward to working with the entire Pacific Sunwear team to continue the Company’s progress and to find a permanent Chief Executive Officer who will provide outstanding leadership and direction to Pacific Sunwear.”
Ms. Kasaks, 61, a Director of the Company since 1997, served as the Chairman and Chief Executive Officer of Ann Taylor Stores, Inc., a specialty apparel retailer, from 1992 to 1996. From 1989 to 1992, Ms. Kasaks was the President and Chief Executive Officer of Abercrombie and Fitch, a specialty apparel retailing division of The Limited, Inc. Prior to that, she served as Chairman and Chief Executive Officer of The Talbots, Inc., a specialty apparel retailing division of General Mills Co., from November 1985 to September 1988. Ms. Kasaks currently serves as a director of The Children’s Place, Inc.
Separately, the Company also announced today that total sales for the five weeks of fiscal September, ending September 30, 2006, were $118.2 million, an increase of 4.0 percent over total sales of $113.7 million during the same period last year. Total Company same-store sales for the period declined 2.4 percent from the same period last year. By concept, PacSun same-store sales decreased 1.2 percent and d.e.m.o. same-store sales decreased 9.4 percent compared to the same five-week period last year.
Based on the sales for the quarter to date, the Company remains comfortable with the guidance it previously provided for the third quarter, excluding a one-time, pre-tax charge of approximately $1.1 million, or $0.01 per diluted share, that will be recorded in the third quarter and is associated with the departure of Mr. Johnson. On August 10, 2006, the Company said that it expects to report earnings per share in the range of $0.22 to $0.30 per diluted share for the third quarter.