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California and the West | EARNINGS ROUNDUP

Pacific Sunwear Reports 20% Increase in Profit

November 11, 2005|From Reuters

Pacific Sunwear of California Inc. on Thursday reported a 20% increase in quarterly profit, citing robust sales of its surfinspired apparel.

The Anaheim-based teen retailer said net income in its fiscal third quarter was $40.5 million, or 54 cents a share, in line with Wall Street projections. The results compared with $33.7 million, or 44 cents, a year earlier.

Pacific Sunwear said sales rose 13.6% to $377.5 million in the quarter that ended Oct. 29.

The company operates surf- and skateboard-inspired PacSun stores and outlets as well as urban-themed d.e.m.o. stores. It credited a 4.6% increase in comparable-store sales from the year-earlier period, as well as improved gross margins.

"Although we must be cautious about the overall retail environment, I believe we are positioned to achieve strong results for the balance of the year," Chief Executive Seth Johnson said in a statement.

Pacific Sunwear estimated earnings of 62 cents to 63 cents a share in its fiscal fourth quarter; the Wall Street consensus, according to Reuters Estimates, is 63 cents.

The company's shares rose 54 cents to $27.63. The stock has risen 24% year to date.

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