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

Full Year Results

Total net sales from continuing operations for fiscal 2012 were $803.1 million versus net sales from continuing operations of $777.3 million for fiscal 2011. Comparable store sales increased 2% during fiscal 2012.

On a GAAP basis, the Company reported a loss from continuing operations of $52.2 million, or $(0.77) per diluted share, for the 2012 fiscal year, compared to a loss from continuing operations of $82.1 million, or $(1.23) per diluted share, for the 2011 fiscal year.

On a non-GAAP basis, excluding store closure charges of $0.6 million, and using a normalized annual income tax rate of approximately 37%, the Company would have incurred a loss from continuing operations for fiscal 2012 of $32.4 million, or $(0.47) per diluted share, as compared to a loss from continuing operations of $47.4 million, or $(0.71) per diluted share, for the same period a year ago.

"2012 was a very solid year for PacSun with important progress in several key facets of our business. We achieved positive sales comps with better margins in every quarter for the first time since 2007, continued to leverage our cost base, and equally important is my belief that we are beginning to re-establish PacSun's unique identity tied to great brands, on trend merchandising and our distinct connection to California Lifestyle," said Gary H. Schoenfeld, President and Chief Executive Officer. "Looking ahead to this year our key priorities remain working closely with our key brands, attracting new customers and continuing to elevate both our in-store and on-line experience."

Financial Outlook for First Fiscal Quarter of 2013

The Company's guidance range for the first quarter of fiscal 2013 contemplates a non-GAAP loss per share from continuing operations of between negative $0.17 and negative $0.24, compared to negative $0.20 in the first quarter of fiscal 2012.

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