Pacific Sunwear Posts Narrower-Than-Expected Q4 Loss, But Issues Weak Forecast
Pacific Sunwear of California Inc. (NASDAQ: PSUN) reported a narrower-than-expected loss for its fiscal fourth quarter on Wednesday. However, the company issued a downbeat earnings forecast for the first quarter.
The Anaheim, California-based company reported a quarterly loss from continuing operations of $26 million, or $0.38 per share, versus a year-ago loss from continuing operations of $22.0 million, or $0.32 per share, in the year-ago quarter. Excluding items, the company lost $0.10 per share.
Its revenue climbed to $231.6 million from 218.6 million. However, analysts were expecting a loss of $0.11 per share on revenue of $229.49 million.
Comparable store sales for the quarter rose 6 percent.
Pacific Sunwear ended the quarter with 605 stores, compared to 618 stores a year earlier.
Gary H. Schoenfeld, President and CEO said, "Looking ahead, we are similarly focused on our financial goals for fiscal 2015 which include: continuing to achieve positive comparable store sales; furthering our gross margins through elevated merchandising and inventory productivity; and incrementally leveraging expenses. This year will also include investments in key omni-channel initiatives which we believe will further strengthen our position for the long-term."
For the first quarter, the company expects a non-GAAP loss from continuing operations of $0.14 to $0.11 per share, versus a loss of $0.11 per share in the first quarter of fiscal 2014. Analyst had projected a loss of $0.08 per share for the quarter.
Pacific Sunwear shares slipped 4.18 percent to $2.75 in the after-hours trading session.
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