Pacific Sunwear Announces Quarter-to-Date Same-Store Sales Results; Revises Q4 Earnings Guidance

ANAHEIM, Calif., Jan. 6, 2011 (GLOBE NEWSWIRE) -- Pacific Sunwear of California, Inc. (Nasdaq:PSUN) (the "Company"), announced today that its quarter-to-date same-store sales through January 1, 2011 declined 7%. The Company's fourth quarter and fiscal year ends on January 29, 2011.

"While our Men's business continues to trend toward a positive comp for the quarter and the year, the Women's business has reverted back to earlier trends of down approximately 20%, resulting in disappointing sales and merchandise margins for the holiday season," said Gary H. Schoenfeld, President and Chief Executive Officer. "Clearly we have to reverse this decline in Women's and we believe we have the merchandising and marketing plans in place to do so as we look ahead to the Spring/Summer season of 2011."

Based upon lower sales and merchandise margins, the Company revised its GAAP earnings guidance range for the fourth quarter to a loss per share of $(0.49) to $(0.54). On a comparable non-GAAP basis, utilizing a normalized income tax rate of 37%, this guidance range translates to a loss per share of $(0.31) to $(0.34) for the fourth quarter.

About Pacific Sunwear of California, Inc.

Pacific Sunwear of California, Inc. and its subsidiaries (collectively, the "Company") is a leading specialty retailer rooted in the action sports, fashion and music influences of the California lifestyle. The Company sells a combination of branded and proprietary casual apparel, accessories and footwear designed to appeal to teens and young adults. As of January 1, 2011, the Company operated 873 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.globenewswire.com/newsroom/prs/?pkgid=2087   About Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the accompanying table titled "Reconciliation of Selected GAAP Measures to Non-GAAP Measures" and the section following such table titled "About Non-GAAP Financial Measures."