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Pacific Sunwear Of California Management Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: PSUN

At the time of our last release on March 13, we indicated that sales for the quarter were running at the low end of our guidance -- of our Q1 guidance of a minus 4 comp, but that we were hopeful this would improve with deliveries of new product and as we got into more of the peak spring selling season.

Over the next 6 weeks, through the end of the quarter, we had an 8-point swing to a positive 4 comp, resulting in a positive 1 comp for the quarter as a whole.

Shorts and denim, including chinos and casual pants, were among our strongest categories, as both genders achieved a positive comp for the first time since fiscal 2005.

Our reentering into footwear and accessories continues to be a growth opportunity for us. And for the first time, Nike has become the top-selling footwear brand at PacSun.

One of our merchandising objectives is to broaden our range of price points across different categories. Oakley has led the way with our relaunch of branded sunglasses at price points in excess of $150. And as Nike continues to drive its brand toward performance and innovation, we look forward to adding higher price point Nike signature products for back-to-school to further propel this part of our business.

Another important step for us in the first quarter was the launch of our Golden State of Mind brand positioning. Regrettably, over the past several years, PacSun lost some of its identity as a brand and its relevance among target consumers, yet an important part of why I joined PacSun is that this brand has a great 30-year heritage tied to action sports as a core element of California lifestyle. And with this new Golden State of Mind platform, I believe we can reestablish the emotional connection and leadership position that PacSun enjoyed for so many years across all 50 states.

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