ANAHEIM, Calif., April 6, 2006 (PRIMEZONE) -- Pacific Sunwear of California, Inc. (Nasdaq:PSUN) today reported that total sales for the five weeks of fiscal March ending April 1, 2006 were $116.8 million, a decrease of 2.9 percent over total sales of $120.3 million during the same period last year. Total Company same store sales decreased 10.9 percent during the same period. By concept, PacSun same store sales decreased 11.9 percent and d.e.m.o. same store sales decreased 3.9 percent compared to the same five week period last year.
Total sales for the first nine weeks of fiscal 2006 were $205.8 million, an increase of 1.1 percent over total sales of $203.5 million during the same period last year. Total Company same store sales decreased 7.7 percent during the same period. By concept, PacSun same store sales decreased 8.8 percent and d.e.m.o. same store sales decreased 1.6 percent compared to the same nine week period last year.
After a challenging February and March the Company is adjusting its first quarter 2006 earnings guidance to $0.14 to $0.16 per diluted share. The Company remains comfortable with its fiscal 2006 annual guidance of 10 to 15 percent net income growth.
For more detailed information on March sales results, please call (714) 414-4210 to listen to a recorded commentary.
About Pacific Sunwear of California, Inc.
Pacific Sunwear, operating under two distinct retail concepts, is a leading specialty retailer of everyday casual apparel, accessories and footwear designed to meet the needs of active teens and young adults. As of April 1, 2006, the Company operated 815 PacSun stores, 96 PacSun Outlet stores and 198 d.e.m.o. stores for a total of 1,109 stores in 50 states and Puerto Rico. The Company intends to launch its third concept, One Thousand Steps, later in April of 2006. PacSun's website address is www.pacsun.com and merchandise carried at d.e.m.o. stores can be found at www.demostores.com.
Pacific Sunwear Safe Harbor
This press release contains "forward-looking statements" made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements (specifically the statements concerning first quarter and annual earnings guidance) be subject to the safe harbors created thereby. The Company is hereby providing cautionary statements identifying important factors that could cause the Company's actual results to differ materially from those projected in forward-looking statements of the Company herein. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events or performance (often, but not always through the use of words or phrases such as "will result," "expects to," "will continue," "anticipates," "plans," "intends," "estimated," "projects" and "outlook") are not historical facts and may be forward-looking and, accordingly, such statements involve estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. Such uncertainties include, among others, the following factors: our new concept is untested and may not be profitable or successful; we could experience delays in the time frame for introducing the new concept; changes in consumer demands and preferences, higher than estimated costs of goods sold or selling, general and administrative costs, competition from other retailers and uncertainties generally associated with apparel retailing; merchandising/fashion sensitivity; sales from private label merchandise; fluctuations in comparable store net sales results; expansion and management of growth; reliance on key personnel; dependence on single distribution facility; economic impact of natural disasters, terrorist attacks or war/threat of war; shortages of supplies and/or contractors, as a result of natural disasters or terrorist acts, could cause unexpected delays in new store openings, relocations or expansions; reliance on foreign sources of production; credit facility financial covenants and other risks outlined in the company's SEC filings, including but not limited to the Annual Report on Form 10-K for the year ended January 28, 2006 and subsequent periodic reports filed with the Securities and Exchange Commission. Historical results achieved are not necessarily indicative of future prospects of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur after such statements are made. Nonetheless, the Company reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.
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