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PacSun Reports Decline For First Qtr of 2015
Pacific Sunwear of California, the casualwear retailer whose customers are teenagers and young adults, reported its first decline in quarterly sales in more than three years, said Gary Schoenfeld, the chief executive officer of the mall-based retailer, headquartered in Anaheim, Calif.
For its first quarter of 2015, same-store sales declined 2 percent. PacSun reported that net sales in the first quarter ending May 2 were $166.5 million, compared with $171.1 million for the same quarter last year. The company had a net loss of $3.5 million versus $10.4 million last year.
Schoenfeld forecast that sales would increase later this year. “As we look ahead to the back half of this year, we believe the strength of several key brand initiatives, coupled with anticipated growth in long bottoms, will get us back to positive comp-store sales along with further increases in margins,” he said in a statement.
For its second quarter, PacSun forecast that same-store sales would range from negative 4 percent to flat and that net sales would range from $201 million to $209 million.
