Pacific Sunwear Of California Inc

Pacific Sunwear of California Inc. said Tuesday that Greg Weaver, president and chief executive, has also been named chairman. He remains chief executive. Julius Jensen III, who served as chairman since February 1996, will remain a director. In addition, the company named Timothy M. Harmon, currently executive vice president of merchandising, as president and chief merchandising officer.

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.

Pacific Sunwear of California Inc. said it plans to open 100 new stores during 1999, raising the Anaheim retailer's total to 442 by the end of next year. The company said the new locations will include 67 Pacific Sunwear stores, eight Pacific Sunwear Outlet stores and 25 D.E.M.O. Stores.

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.

Pacific Sunwear of California Inc. said Thursday it will offer its own credit card, beginning in July, at the Anaheim retailer's PacSun and PacSun Outlet stores and at its Web site, http://www.pacsun.com. The casual apparel chain's stock moved up $1.88 a share to $33.25 in Nasdaq trading.

Pacific Sunwear of California Inc. said Thursday that sales for the five weeks ended April 5 surged 34%, to $33.8 million. Sales at stores open at least a year--a key measure of growth--rose 7.6%. The Anaheim-based company sells surf and skate apparel and accessories at 353 stores in 43 states. Its shares fell $1.75, to $36.25, in Nasdaq trading.

Pacific Sunwear of California Inc.: The Anaheim retailer of casual apparel and accessories said net income for the third fiscal quarter ended Nov. 1 totaled $8.1 million, or 38 cents a share, 40% higher than the $5.8 million, or 27 cents a share, for the third quarter of fiscal 1997. Sales rose 41% to a record $91.8 million from $65.3 million. Same-store sales increased 8%.

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.

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.

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%.

Clothing retailer Pacific Sunwear of California Inc. said it narrowed its fiscal third-quarter loss and total sales fell 5% as cautious consumers continued to pull back on their spending. The company said it posted a net loss of $2.5 million, or 4 cents a share, for the period that ended Nov. 1, compared with a loss of $20 million, or 29 cents, a year earlier. The company said the quarter included a goodwill impairment charge of about $4.2 million, or 6 cents a share. Results from continuing operations, which exclude results from businesses that have been sold or are in the process of being sold, amounted to a loss of $3.5 million, or 5 cents a share, compared with income of $17.1 million, or 25 cents, from the previous year.

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.

Pacific Sunwear of California Inc. said Wednesday that it would close its fledgling shoe-store division and seek "strategic alternatives" for the urban-themed demo chain. Analysts applauded the Anaheim company's decision, saying it was time for the surf and skate apparel seller to focus on its core business, PacSun. Investors liked the idea too; shares jumped 5% in after-hours trading after rising 8 cents to $15.42.

Casual clothing retailer Pacific Sunwear of California Inc. in Anaheim said net income for the third quarter ended Oct. 29 increased 2% to $12.5 million, or 39 cents a share, from $12.3 million, or 38 cents a share, for the third quarter of fiscal 1999. Sales rose 32% to $163.7 million. Sales of stores open at least a year increased 3%.

Gap Inc. on Thursday logged its first earnings gain in seven quarters but joined other California apparel retailers in lowering profit projections more than expected as shoppers looked to bag ever bigger bargains. Taking a cue from customers, many retailers have adopted a cautious mood. Among those trimming forecasts for the current quarter are Anaheim-based Pacific Sunwear of California Inc., Foothill Ranch-based Wet Seal Inc. and Bebe Inc. of Brisbane.

Pacific Sunwear of California Inc. said it did not expect its One Thousand Steps shoe stores to generate enough money over the life of their leases to recoup the Anaheim company's initial investment in the chain. As a result, the surf and skate apparel retailer said it would take a second-quarter impairment charge of about $10 million, or 9 cents a share.