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

Stocks in this article: PSUN

ANAHEIM, Calif., May 22, 2013 (GLOBE NEWSWIRE) -- Pacific Sunwear of California, Inc. (Nasdaq:PSUN) (the "Company"), announced today that net sales from continuing operations for the first quarter of fiscal 2013 ended May 4, 2013, were $169.8 million versus net sales from continuing operations of $162.3 million for the first quarter of fiscal 2012 ended April 28, 2012. Comparable store sales for the first quarter of fiscal 2013 increased 2%. The Company ended the first quarter of fiscal 2013 with 638 stores.

On a GAAP basis, the Company reported a loss from continuing operations of $24.2 million, or $(0.35) per diluted share, for the first quarter of fiscal 2013, compared to a loss from continuing operations of $15.2 million, or $(0.22) per diluted share, for the first quarter of fiscal 2012. The loss from continuing operations for the Company's first quarter of fiscal 2013 included a non-cash loss of $9.3 million, or $(0.13) per diluted share, compared to a non-cash gain of $6.3 million, or $0.09 per diluted share, for the first quarter of fiscal 2012 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 $0.2 million and the non-cash loss on the derivative liability of $9.3 million, and using a normalized annual income tax rate of approximately 37%, the Company would have incurred a loss from continuing operations for the first quarter of fiscal 2013 of $9.4 million, or $(0.14) per diluted share, as compared to a loss from continuing operations of $13.5 million, or $(0.20) per diluted share, for the same period a year ago. The 53 rd week retail calendar shift contributed $0.03 per share of the $0.06 per share improvement compared to last year.

"After a slower than expected start to the spring selling season, we are pleased with our overall first quarter performance which was led by strength in our women's business," said Gary H. Schoenfeld, President and Chief Executive Officer. "This marks our fifth consecutive quarter of positive comps since affecting our real estate restructuring at the end of fiscal 2011. We believe our results continue to validate our core turnaround strategies tied to great brands, on-trend merchandising and re-establishing PacSun's distinct identity through the creativity, diversity and optimism of the California lifestyle."

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