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Pacific Sunwear Announces Fourth Quarter Operating Results; Issues First Quarter Guidance

- Comparable sales up 1% - Gross margin up 180 basis percentage points over last year

ANAHEIM, Calif., March 20, 2013 (GLOBE NEWSWIRE) -- Pacific Sunwear of California, Inc. (Nasdaq:PSUN) (the "Company"), announced today that net sales from continuing operations for the fourth quarter of fiscal 2012 ended February 2, 2013, were $228.0 million versus net sales from continuing operations of $218.7 million for the fourth quarter of fiscal 2011 ended January 28, 2012. Comparable store sales for the fourth quarter of 2012 increased 1%. The Company noted that fiscal 2012 had 53 weeks versus 52 weeks in fiscal 2011. As a result, net sales for the fourth quarter of fiscal 2012 and fiscal year 2012 include the additional week, while comparable store sales exclude the 53rd week. The Company ended fiscal 2012 with 644 stores, compared to 733 as of the end of fiscal 2011. The Company closed 78 stores in the fourth quarter of fiscal 2012.

Fourth Quarter Results

On a GAAP basis, the Company reported a loss from continuing operations of $22.5 million, or $(0.33) per diluted share, for the fourth quarter of fiscal 2012, compared to a loss from continuing operations of $26.7 million, or $(0.39) per diluted share, for the fourth quarter of fiscal 2011. The loss from continuing operations for the Company's fourth quarter of fiscal 2012 included a non-cash loss of $3.7 million, or $0.05 per diluted share, related to a derivative liability that resulted from the issuance of the Convertible Series B Preferred Stock (the "Series B Preferred") in connection with the term loan financing the Company completed in December 2011.

On a non-GAAP basis, excluding store closure related charges of $0.6 million and the non-cash loss on the derivative liability of $3.7 million, and using a normalized annual income tax rate of approximately 37%, the Company would have incurred a loss from continuing operations for the fourth quarter of fiscal 2012 of $11.4 million, or $(0.17) per diluted share, as compared to a loss from continuing operations of $13.0 million, or $(0.19) per diluted share, for the same period a year ago.

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