Pacific Sunwear Q1 comparable store sales up 3 percent

REPORT_ Pacific Sunwear of California announced that net sales from

continuing operations for the first quarter of fiscal 2014 ended May 3, 2014, were 171.1 million dollars versus net sales from continuing operations of 166.4 million dollars for the first quarter of fiscal 2013 ended May 4, 2013. Comparable store sales for the first quarter of fiscal 2014 increased 3 percent. The company ended the first quarter of fiscal 2014 with 618 stores versus 638 stores a year ago.

On a GAAP basis, the Anaheim, California headquartered company reported a loss from continuing operations of 10.4 million dollars, or 0.15 dollars per diluted share, for the first quarter of fiscal 2014, compared to a loss from continuing operations of 24.1 million dollars, or 0.35 dollars per diluted share, for the first quarter of fiscal 2013.

“I believe that in a tough marketplace we are continuing to attract new customers and great brands to PacSun, which has been key to achieving our ninth straight quarter of positive comparable store sales,” said Gary H. Schoenfeld, President and Chief Executive Officer, adding, “While we anticipate continued growth in our men's business, the promotional environment that we are seeing in the mall coupled with underperformance in a couple of categories in Women's is resulting in a more cautious outlook for the second quarter.”

The company's guidance range for the second quarter of fiscal 2014 contemplates a non-GAAP loss per diluted share from continuing operations of between 0.08 dollars and 0.02 dollars, compared to 0.02 dollars in the second quarter of fiscal 2013. Comparable store sales are expected from below 5 percent to flat and revenues from 200 million dollars to 210 million dollars.