Pacific Sunwear Q2 Results In Line; Q3 Outlook Disappoints
Pacific Sunwear of California (NASDAQ: PSUN) trended down slightly in the extended session Thursday after it posted in-line second quarter results and issued a disappointing forecast.
The apparel retailer expects a third quarter adjusted loss of $0.09 to $0.04 a share on sales of $203 million to $208 million. Wall Street anticipated a loss of $0.02 a share on revenue of $207.1 million.
"Even in the face of a down-trending denim cycle, we are encouraged by the positive response to the balance of our initial fall assortments," Chief Executive Gary H. Schoenfeld said Thursday.
In the recent period the company's same-store sales grew 0.3 percent and the company forecast third-quarter comparable growth between zero percent and and three percent.
During the second-quarter, Pacific swung to a profit from continuing operations of $7.5 million, or $0.10 a share, from a loss of $18.6 million, or $0.27 a share a year earlier.
Sales nudged up to $211.7 million from $210.1 million a year earlier.
Excluding a non-cash gain from an earlier financing, the company posted an adjusted loss of $0.03 a share.
Wall Street expected an adjusted loss of $0.03 a share, on revenue of $208.5 million.
Pacific Sunwear traded recently after hours at $2.30 a share, down 0.02 percent.
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