August 27, 2013 |
Billabong International Inc., a 40-year-old Australian surfwear company, reported its most dismal earnings ever as it wrote down the value of its namesake brand to zero. For the fiscal year ended June 30, the business said it suffered a net loss of 859.5 million Australia dollars, or about $770 million. That's more than triple the loss the company reported the prior year. The Billabong brand is now essentially worthless, the company said, after its value was pegged at roughly $226 million a year earlier.
May 3, 2012 |
When it comes to creating value, Occidental Petroleum Corp. Chief Executive Stephen I. Chazen beats out other Southern California business leaders, according to a new report from Pepperdine University. Chazen helped his Los Angeles company pull in $3.4 billion in so-called economic profit in 2011, an increase of $1.6 billion from 2010, according to the self-funded report from the university's Graziadio School of Business and Management along with management consultant SCCO International.
February 6, 2011 |
The gig: Chief executive of teen retailer Pacific Sunwear of California Inc. since 2009. The Anaheim seller of surf and skate apparel, which has reported sales declines and losses for the last nine quarters, is struggling to recover from the recession and has lost business to trendier competitors such as Forever 21, H&M and Aeropostale. PacSun has about 850 stores, most of them in malls. First impressions: After being offered the PacSun job, "I went out and looked at some of the stores," Schoenfeld said.
November 18, 2009 |
Pacific Sunwear of California Inc. suffered a major wipeout Tuesday, a day after posting a loss and releasing a sales forecast that missed expectations. The Anaheim teen retailer, which sells surf- and skate-inspired apparel and accessories, saw its shares plummet $1.13, or 22.6%, to $3.88. The chain reported after the markets closed Monday that it lost $10.9 million, or 17 cents a share, in its third quarter ended Oct. 31. That compared with a loss of $3.5 million, or 5 cents, in the same quarter last year.
August 21, 2009 |
A challenging second quarter hammered earnings at two California-based teen retailers, while apparel giant Gap Inc. narrowly beat expectations with profit that was little changed from last year. On Thursday, Pacific Sunwear of California Inc. reported a quarterly loss of $14.2 million; Wet Seal Inc. said its profit fell 69.3% compared with a year earlier; and Gap reported profit of $228 million, or 33 cents a share, compared with $229 million, or 32 cents, a year earlier. The results for the companies' fiscal second quarter ended Aug. 1 highlight the troubles still plaguing many retailers, especially those that sell apparel and accessories, which are easier to forgo during the recession.
June 18, 2009 |
Teen specialty retailer Pacific Sunwear of California Inc. named former Vans Inc. CEO Gary H. Schoenfeld to its chief executive post Wednesday. Schoenfeld succeeds Sally Frame Kasaks, who has served as CEO of the Anaheim retailer since 2006 and as board chairwoman since 2007. Pacific Sunwear said Kasaks wasn't pushed out from the top job and would remain a director. Schoenfeld, 46, will take over as chief executive June 29, the company said.