PacSun to Open 110 Stores in 2004
Anaheim, Calif.–based retailer Pacific Sunwear of California Inc. is the newest member of the Billion Dollar Club. The seller of surf - and urbanwear posted $1.04 billion in sales for its fiscal year ended on Jan. 31, breaking the billion-dollar mark for the first time.
PacSun’s profits advanced 61 percent to $80.2 million during the year. Its quarterly results also came in strong as profits surged 48 percent to $34.3 million, or 43 cents per share. Fourth-quarter sales climbed to $326.3 million, up 23 percent from last year’s mark of $265.6 million.
Chief Executive Officer Greg Weaver attributed the growth to the company’s diversification of its apparel, footwear and accessories brands. He said sales at the company’s d.e.m.o. urbanwear stores are also on an upswing, led by improvements in girls’ clothing and accessories.
Weaver said PacSun will open 110 new stores in its 2004 fiscal year. The company currently operates 677 PacSun units and 121 d.e.m.o. units. —Robert McAllister
