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Earnings Roundup

Pacific Sunwear swings to profit

August 22, 2008|From Times Wire Services

Clothing retailer Pacific Sunwear of California Inc. said it swung to a fiscal second-quarter profit on stronger sales and a smaller loss from discontinued operations.

The Anaheim company posted a profit of $2.8 million, or 4 cents a share, compared with a loss of $10.5 million, or 15 cents, a year earlier.

Results from continuing operations totaled $3.7 million, or 6 cents a share, compared with $9.3 million, or 13 cents, a year earlier.

Sales rose to $312.7 million from $311.8 million. Same-store sales declined 1% during the quarter.

Analysts polled by Thomson Financial expected earnings of 6 cents a share and sales of $309.7 million.

But Pacific Sunwear revised its third-quarter and fourth-quarter outlook and warned of a softening economy, and its shares dropped $1.82, or 23%, to $5.96 in extended trading. The stock closed up 8 cents at $7.78 before the earnings news.

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