ANAHEIM, Calif., May 8, 2008 (PRIME NEWSWIRE) -- Pacific Sunwear of California, Inc. (Nasdaq:PSUN) today reported that total sales from the Company's PacSun division for the four weeks of fiscal April ended May 3, 2008 were $73.8 million, an increase of five percent versus division sales of $70.4 million during the same period last year. PacSun same-store sales increased four percent during the same period.
Total sales from the PacSun division for the first 13 weeks of fiscal 2008 were $266.8 million versus division sales of $267.9 million during the same period last year. PacSun same store sales decreased one percent during the same period.
The Company completed the liquidation of its demo business in April. All demo stores are now closed. The Company will report demo as a discontinued operation in quarterly filings beginning with the first quarter of fiscal 2008 ended May 3, 2008. Total sales from these demo liquidation stores for the first 13 weeks of fiscal 2008 were $27.1 million.
The Company expects to report a GAAP net loss for the first quarter of fiscal 2008 in the range of $0.17 to $0.18 per diluted share. This range includes a non-cash impairment charge of approximately $0.07 per diluted share for the materials handling equipment associated with the sale of its Anaheim Distribution Center. Further details regarding this transaction are part of the Company's Form 8-K filed with the SEC on May 2, 2008.
For more detailed information on April sales results, please call (714) 414-4210 to listen to a recorded commentary.
About Pacific Sunwear of California, Inc.
Pacific Sunwear 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 May 3, 2008, the Company operated 820 PacSun stores and 122 PacSun Outlet stores for a total of 942 stores in 50 states and Puerto Rico. PacSun's website address is www.pacsun.com.
The Pacific Sunwear of California logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2087
Pacific Sunwear Safe Harbor
This press release contains "forward-looking statements," including statements with respect to the Company's fiscal 2008 first quarter expectation of a net loss in the range of $0.17 to $0.18 per diluted share. In each case, these statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company intends that these forward-looking statements be subject to the safe harbors created thereby. These statements are subject to risks, uncertainties, and other factors, including, among others, risks, uncertainties and factors set forth in our reports and documents filed with the United States Securities and Exchange Commission, including but not limited to the Annual Report on Form 10-K for the year ended February 2, 2008 and subsequent periodic reports filed with the SEC. We believe that all forward-looking statements are based on reasonable assumptions when made; however, we caution that it is impossible to predict actual results or outcomes or the effects of risks, uncertainties or other factors on anticipated results or outcomes. In particular, our estimates of selling, general and administrative expenses for the quarter may be exceeded and the timing and amount of actual charges and expenses relating to the Company's demo stores may differ from our initial estimates as plans and activities are finalized. 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.