Pacific Sunwear comparable store sales up 2 percent in 2013

REPORT_ Pacific Sunwear of California has said that its total net sales from continuing operations for fiscal 2013 were 797.8 million dollars versus net sales from continuing operations of 784.7 million dollars for fiscal 2012. Comparable store sales increased 2 percent during fiscal 2013.

Net sales from continuing operations for the fourth quarter of fiscal 2013 ended February 1, 2014, were 218.6 million dollars versus net sales from continuing operations of 222.8 million dollars for the fourth quarter of fiscal 2012 ended February 2, 2013. Comparable store sales for the fourth quarter of fiscal 2013 increased 2 percent.

The 53rd week in fiscal 2012 caused a decrease in net sales of approximately 9 million dollars for the fourth quarter of fiscal 2013, compared to the fourth quarter last year. The Anaheim, California-based company ended the fourth quarter of fiscal 2013 with 618 stores versus 644 stores a year ago.

“We continue to be encouraged by our positive momentum within a challenging retail environment throughout the year, marked by eight straight quarters of positive comparable store sales, sustained gross margins, and reduced operating costs, all contributing to a significant improvement in our operating performance compared to fiscal 2012,” said Gary H. Schoenfeld, President and Chief Executive Officer.

On a GAAP basis, the company reported a loss from continuing operations of 22 million dollars, or 0.32 dollars per diluted share, for the fourth quarter of fiscal 2013, compared to a loss from continuing operations of 22.2 million dollars, or 0.32 dollars per diluted share, for the fourth quarter of fiscal 2012.

For the fiscal year 2013, on a GAAP basis, the company reported a loss from continuing operations of 47 million dollars, or 0.69 dollars per diluted share, compared to a loss from continuing operations of 52.6 million dollars, or 0.78 dollars per diluted share, for the 2012 fiscal year.

The company's guidance range for the first quarter of fiscal 2014 contemplates a non-GAAP loss per diluted share from continuing operations of between negative 0.17 dollars and negative 0.12 dollars, compared to negative 0.14 dollars in the first quarter of fiscal 2013. The forecasted first quarter non-GAAP loss from continuing operations per diluted share guidance range is based on the assumptions that comparable store sales would be from 1 percent to 4 percent; and revenue from 169 million dollars to 174 million dollars.