beat Wall Street's estimates for its fourth-quarter earnings and February sales.
The teen apparel retailer said Tuesday it earned $40.9 million for the quarter, or 54 cents a share, up from $34.5 million, or 43 cents a share, for the same quarter last year. Analysts were expecting 53 cents a share, according to consensus estimates reported by Thomson First Call.
For February, Pacific Sunwear posted a 10.4% jump in same-store sales, or sales at stores open at least a year. The results beat Wall Street's estimates, and capped a strong quarter for the company.
Overall sales for the quarter rose 16.2% to $379.7 million, an increase of 16.2% over total sales of $326.8 million, and its same-store sales rose 5.1%. PacSun stores logged same-store sales up 4.8% and its d.e.m.o. stores recorded same-store sales up 7.5%.
For the year, the company's net income increased 33% to $105.9 million, or $1.37 a share, compared with $79.9 million, or $1.01 a share, for 2003. Its sales totaled $1.23 billion, an increase of 18.1% over total sales of $1.04 billion for the year before. Same-store sales for the year rose 7.3%.
In 2005, Pacific Sunwear plans to open 120 new stores and expand or relocate approximately 35 stores with square footage growing approximately 15%. New stores will include 70 PacSun stores, 10 PacSun Outlet stores, and 40 d.e.m.o. stores. The plan would bring the company's store count to 1,100 by year-end.
Shares of Pacific Sunwear were recently up 74 cents, or 2.8%, to $27.20 in after-hours trading. During regular trading hours, the stock gained 2.7%.