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BUSINESS
March 16, 2007 | From Reuters
Teen retailer Pacific Sunwear of California Inc. on Thursday reported an 80% decline in quarterly profit that matched Wall Street estimates, hurt by store closure costs and higher markdowns during the quarter. It shares dropped 1% in after-hours trading after the company gave an outlook for the first half of fiscal 2007 that was below analysts' average expectations. The operator of the PacSun chain of surf-inspired clothing said net income for its fiscal fourth quarter ended Feb. 3 was $9.
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BUSINESS
February 7, 2007 | From the Associated Press
Pacific Sunwear of California Inc. on Tuesday lowered its fourth-quarter earnings forecast to account for anemic January sales and its planned closure of 74 unprofitable urban-themed d.e.m.o. stores. The mall-based retailer of teen clothing now expects earnings of 36 cents to 38 cents a share in the fourth quarter -- excluding 22 cents to 24 cents in estimated charges related to the d.e.m.o. store closures. Pacific Sunwear's d.e.m.o.
BUSINESS
November 10, 2006 | From Reuters
Pacific Sunwear of California Inc. posted a sharp drop in quarterly profit Thursday because of excessive inventory from lackluster sales. Net income in the third quarter was $9 million, or 13 cents a share, compared with $40.5 million, or 54 cents, a year earlier. As previously reported, sales at Pacific Sunwear fell less than 1% to $375.4 million.
BUSINESS
August 12, 2006 | Leslie Earnest, Times Staff Writer
Shares of Pacific Sunwear of California Inc. fell to a three-year low Friday, a day after the surf and skate apparel retailer filed a glum second-quarter earnings report and lowered expectations for the third quarter. Contributing to the downturn was a report from A.G. Edwards & Sons analyst Robert Buchanan, who downgraded his rating on the Anaheim company to a "sell" from a "hold." PacSun shares fell 10%, or $1.53, to $13.62.
BUSINESS
August 11, 2006 | Leslie Earnest, Times Staff Writer
Retail stocks were lifted Thursday by strong profit reports from Target Corp. and J.C. Penney Co., but Anaheim-based Pacific Sunwear of California Inc. disappointed investors after the bell by slashing earnings expectations for the third quarter. Pacific Sunwear reported that second-quarter net income fell 54% to $9.7 million, or 14 cents a share, compared with $21.1 million, or 28 cents, in 2005. Analysts, warned this month that profit was likely to be lower, had expected 15 cents a share.
BUSINESS
March 2, 2006 | Leslie Earnest, Times Staff Writer
Shares of Pacific Sunwear of California Inc. fell 8% on Wednesday as two analysts downgraded the stock a day after the retailer presented a disappointing profit projection for the current quarter. The stock dropped $1.88 to $21.93 and is down 12% this year. Analyst Lyn Rhoads Walther of Wachovia Securities downgraded shares of the Anaheim-based parent of the PacSun and d.e.m.o. chains to "market perform" from "outperform."
BUSINESS
May 13, 2005 | Erica Williams, Times Staff Writer
Pacific Sunwear of California Inc. said Thursday that its first-quarter profit climbed 17% despite a challenging environment for retailers. For the three months ended April 30, net income at the Anaheim-based teen apparel retailer rose to $17.6 million, or 23 cents a share, from $15 million, or 19 cents, a year earlier. The results matched Wall Street forecasts. Sales rose 14% to $280 million. Sales at stores open more than a year -- a key measure of performance -- were up 3%.
BUSINESS
August 10, 2004 | From Reuters
Pacific Sunwear of California Inc. said Monday that its second-quarter profit rose 44% as demand for its surfing- and hip-hop-inspired fashions fueled sales at its two retail chains. Anaheim-based Pacific Sunwear said earnings for the quarter ended July 31 rose to $19.3 million, or 25 cents a share, from $13.4 million, or 17 cents, a year earlier. Analysts on average had expected earnings of 23 cents a share. The company's shares jumped more than 5% in extended-hours trading.
BUSINESS
April 9, 2004 | Leslie Earnest, Times Staff Writer
Pacific Sunwear of California Inc. said Thursday that Chief Financial Officer Carl Womack, who has been with the company since before it went public, would retire later this year. Womack, 52, said he was leaving to spend more time with his family and "pursue my personal interests." "It's been a lot of fun," he said of his tenure at Anaheim-based PacSun, which was founded in May 1986. "The year I started, the sales were $7 million."
BUSINESS
April 3, 2004 | Leslie Earnest
Pacific Sunwear of California Inc. said it had reached settlement agreements with a group of apparel manufacturers that it accused of copyright infringement last year. The Anaheim-based retailer said 14 defendants collectively had agreed to pay the company $345,000 to resolve the matter.
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