ANAHEIM, Calif., Aug. 3, 2006 (PRIMEZONE) -- Pacific Sunwear of California, Inc. (Nasdaq:PSUN) today reported that total sales for the four weeks of fiscal July, ending July 29, 2006, were $102.4 million, a decrease of 5.0 percent over total sales of $107.8 million during the same period last year. Total Company same store sales decreased 10.6 percent during the same period. By concept, PacSun same store sales decreased 10.2 percent and d.e.m.o. same store sales decreased 13.4 percent compared to the same four week period last year.
Total sales for the second quarter of fiscal 2006 increased 1.5 percent to $313.7 million over total sales of $309.1 million during the same period last year. Total Company same store sales decreased 5.5 percent during the same period. By concept, PacSun same store sales decreased 5.0 percent and d.e.m.o. same store sales decreased 9.2 percent compared to the same 13 week period last year.
Total sales through the first half of fiscal 2006 increased 4.2 percent to $613.6 million over total sales of $589.0 million during the same period last year. Total Company same store sales decreased 3.7 percent during the same period. By concept, PacSun same store sales decreased 3.7 percent and d.e.m.o. same store sales decreased 3.8 percent compared to the same 26 week period last year.
Given the weaker than expected sales performance in July, the Company now believes that second quarter earnings will be in the range of $0.14 to $0.15 per diluted share.
For more detailed information on July sales results, please call (714) 414-4210 to listen to a recorded commentary.
About Pacific Sunwear of California, Inc.
Pacific Sunwear, operating under three 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 July 29, 2006, the Company operated 826 PacSun stores, 102 PacSun Outlet stores, 201 d.e.m.o. stores and 6 One Thousand Steps stores for a total of 1,135 stores in 50 states and Puerto Rico. PacSun's website address is www.pacsun.com, merchandise carried at d.e.m.o. stores can be found at www.demostores.com and information about One Thousand Steps can be found at www.onethousandsteps.com.
The Pacific Sunwear of California logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2087
Pacific Sunwear Safe Harbor
This press release contains "forward-looking statements" regarding the Company's second quarter earnings expectation made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company intends that this forward-looking statement 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 such forward-looking statements. This statement is not a historical fact and involves estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in such forward-looking statements. Such uncertainties include, among others, the following factors: higher than estimated costs of goods sold or selling, general and administrative costs 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 this forward-looking statement, which speaks only as of the date hereof. The Company assumes no obligation to update or revise this forward-looking statement to reflect events or circumstances that occur after such statement is 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.