Pacific Sunwear Ups Outlook

The company cites strong June sales.
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Clothing retailer

Pacific Sunwear of California

(PSUN)

upped its second-quarter earnings estimates, citing strong June sales.

The company now expects to earn 23 cents a share, up from its previous estimate of 20 cents a share. Analysts were looking for the company to earn 20 cents a share. Pacific Sunwear earned 15 cents a share in the prior-year quarter.

Total sales in the five weeks of June were $89.6 million, compared with sales of $73.3 million in the same period last year. Total 2003 sales were $349 million, up 22.5% over last year's $285 million.

Meanwhile, PacSun same-store sales rose 12.5%, and d.e.m.o. same-store sales rose 23.1% in the five-week period ended July 5. Overall company same-store sales rose 13.2% for the first 22 weeks of fiscal 2003.

Shares of the company closed at $26.40 Monday.