Pacific Sunwear swings to a loss
- Share via
Teen apparel retailer Pacific Sunwear of California Inc. said it swung to a fiscal first-quarter loss, mostly because of weaker-than-expected sales in April.
The Anaheim company posted a loss of $5.1 million, or 7 cents a share, compared with a profit of $11.9 million, or 16 cents, a year earlier. The quarter ended May 5 included charges of 3 cents a share for the closure of 74 demo brand stores. Revenue grew 7% to $320.6 million.
Analysts polled by Thomson Financial had forecast a loss of 4 cents a share on revenue of $308.1 million.
The company said same-store sales in the quarter fell 1.2% year over year. April same-store sales declined 16.5%, which combined with the charges had led Pacific Sunwear to reduce its quarterly outlook.
Shares of Pacific Sunwear gained 22 cents to $20.03.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
