Pacific Sunwear of California Inc., a teen clothing retailer, said fiscal fourth-quarter earnings rose 20%, setting a record on increased sales.
But the Anaheim-based company also said February sales at stores open at least a year, a key industry indicator, dropped 1.1%.
For the three months ended Feb. 4, net income rose to $14 million, or 43 cents a share, from $11.7 million, or 36 cents, a year earlier. Analysts had estimated earnings of 42 cents a share for the recent quarter. Revenue rose 38% to $181.2 million.
Same-store sales rose 5.2% for the quarter. Many teen retailers have been shielded from the sales- growth shortfalls other stores experienced because teenagers generally aren't as concerned about rising heating-oil prices, declining stock markets and winter storms.