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PacSun Sales Up
Pacific Sunwear of California Inc. forecast a smaller store lineup, improved financial performance and a cautiously optimistic outlook on the economy when the rebounding mall-based surf, skate and fashion store reported its fourth-quarter and full-year results on March 20.
For the fourth quarter of fiscal 2012, same-store sales increased 1 percent. Net sales were $228 million, compared with $218.7 million in the same quarter of fiscal 2011. Total net sales for fiscal 2012 were $803.1 million, compared with $777.3 million for fiscal 2011. PacSun closed 78 stores in the fourth quarter of fiscal 2012. It ended the year with a fleet of 644 stores, compared with a fleet of 733 stores the previous fiscal year.
While PacSun reported improving performance, the once-dominant mall retailer forecast for its first quarter of 2013 that its same-store sales could range from a decline of
3 percent to an increase of 1 percent.
During a conference call with Wall Street analysts, PacSun President and Chief Executive Officer Gary H. Schoenfeld called attention to the store’s merchandising mix, which will continue to offer popular brands such as Volcom, emerging brands, and PacSun brands, including Kendall & Kylie X PacSun.—A.A.
