first-quarter earnings shot up 88% as lower expenses helped leverage a 24% jump in sales. The company raised full-year guidance and set a stock buyback.
Anaheim, Calif.-based Pacific Sunwear earned $15.0 million, or 19 cents a share, in the latest quarter, compared with earnings $8.0 million, or 10 cents a share, last year. Sales were $245.1 million in the latest quarter compared with $198.3 million a year ago, while same-store sales rose 12.7% from last year.
Analysts were forecasting earnings of 17 cents a share on revenue of $240.3 million in the latest quarter. Pacific Sunwear also said it expects to earn $1.31 a share in the full year, compared with estimates of $1.26 a share, and authorized another $25 million stock repurchase after completing a previous authorization in the first quarter.
The shares were up 50 cents to $20.99 in the Instinet after-hours session.
The company said footwear and accessories saw same-store sales increases in the "strong double digits," while men's apparel had an increase in the high single digits and girls apparel had an increase in the low single digits. Same-store sales rose 6% in the latest quarter from a year ago at its d.e.m.o unit.