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.
May 22, 2009 |
Teen retailer Pacific Sunwear of California Inc. posted a smaller first-quarter loss that topped Wall Street expectations, despite a drop in same-store sales. Pacific Sunwear reported a loss of $8.7 million, or 13 cents a share, compared with a loss of $37.1 million, or 17 cents, a year earlier. Sales declined 16% to $223.5 million as sales at stores open at least one year slid 18%. But results still beat expectations of analysts polled by Thomson Reuters, who had forecast a loss of 29 cents a share and sales of $214.
January 29, 2009 |
Teen specialty retailer Pacific Sunwear of California Inc. on Wednesday became the latest company to announce sweeping cost-cutting plans to cope with the worsening economy. The retailer, which sells mainly surf and skate apparel and accessories, said it would eliminate 47 positions at its Anaheim headquarters and 10 field management positions, which would reduce its headquarters and field management staff by about 11%.