NEW YORK ( TheStreet) -- Shares of Pacific Sunwear of California (PSUN) tumbled in Tuesday's extended trading after the Anaheim, Calif.-based specialty retailer reported a slightly wider than expected quarterly loss and gave a disappointing outlook.
"Our fourth quarter results ended up in line with the lower guidance that we indicated in early January," said Gary Schoenfeld, the company's president and CEO, in a statement. "Our Men's business achieved a positive comp for the quarter and year, yet our Women's business continued its downward trend of the past two years."
The company posted a non-GAAP loss of $22 million, or 33 cents a share, for the three months ended Jan. 30 on sales of $263 million, down 10% year-over-year, as same-store sales fell 7%. The average estimate of analysts polled by Thomson Reuters was for a loss of 32 cents a share in the January quarter on sales of $269.5 million.
For the fiscal first quarter ending in April, Pacific Sunwear said it sees a non-GAAP loss of 29 to 35 cents a share with same-store sales projected between positive 2% and a negative 3%. Wall Street's current consensus estimate is for a loss of 22 cents a share in the April period.The stock was last quoted at $3.99, down 7.4%, on volume of nearly 56,000, according to Nasdaq.com Based on a regular session close at $4.31, the shares are down 16.4% in the past year, and they have declined 37% since hitting a 52-week high of $6.84 on Dec. 2. Wall Street was overwhelmingly bearish on the stock ahead of the news with 16 of the 18 analysts covering the shares at either hold (13), underperform (2) and sell (1), although the median 12-month price target sits at $5.
RambusRambus (RMBS) jumped in late trades after the company secured a five-year renewal of its patent license agreement with Toshiba Corp.. The company said the deal covers Toshiba's products with DRAM memory controllers for SDR, DDR, DDR2, DDR3, and other DRAM devices, and calls for Rambus to receive royalty payments based on memory controller shipments. Rambus shares rose 7% to $20.11 on late volume of more than 130,000. The stock is down 14.6% over the past year.
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