Pacific Sunwear of California (PSUN) Shares Fall 12%
March 11, 2010 6:45 PM
Shares of Pacific Sunwear of California, Inc. (NASDAQ: PSUN) fell more than 12% in after hours trading after the casual apparel retailer announced widening losses and falling sales.
Pacific Sunwear of California reported a loss of $36.5 million, or 56 cents per share, compared with a loss of $27 million, or 42 cents per share, a year earlier. Excluding items, the loss would have been 26 cents per share.
Sales dropped 17%, falling to $293 million.
According to a poll of analysts by Thomson Reuters, the average estimate was for a loss of 29 cents, on revenue of $277.4 million.
Pacific Sunwear forecast that it would lose 50 cents to 60 cents during the current quarter, or an adjusted 32 cents to 38 cents per share, far worse than the current analyst estimates of a loss of 15 cents per share for the current quarter.
