This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Pacific Sunwear Of California's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Stocks in this article: PSUN

So as we look at the fourth quarter and the end of the year, sales from continuing operations were $234 million versus $238 million last year and for the total year were $834 million versus $837 million for 2010. As we stated in the press release, our overall business, which includes all stores opened during the fourth quarter, improved as we got further into the holiday-selling season, moving from a minus 3 comp store sales at the time of our last conference call to flat for the fourth quarter.

Given the highly promotional nature of the holiday season, we were also encouraged by our 150 basis point improvement in merchandise margins for continuing stores and the decline in non-GAAP net loss, which I will speak to in a moment.

GAAP net loss per share for the quarter was $0.56 as compared to $0.53 per share for the same period a year ago. On a non-GAAP basis, excluding store closure-related charges of $7 million and the loss on derivative liability, which Michael will explain as I said, and using the normalized annual income tax rate of approximately 37%, we reported a net loss of $0.19 per share as compared to a $0.31 loss on a comparable basis in the same period last year.

Comparable sales, which includes results for all stores opened during the fourth quarter, for Men's was a plus one, while the Women's side of the business was a minus one. Overall, the biggest shift we are seeing in our business is growth in our emerging and proprietary brands, offset by declines in some of our key heritage brands.

From a category perspective, denim and footwear had significant growth in both genders, while fleece, outerwear and Women's fashion tops fell short of our expectations.

Consistent with what we announced in December, we closed 119 stores during fiscal 2011, including 87 store closures during Q4 and ended the year with a store count of 733 stores. We continue to anticipate the closure of approximately 110 additional stores in 2012, with the vast majority of those closures taking place in the fourth quarter.

Read the rest of this transcript for free on

3 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs