A pair of casual clothing giants were moving higher at different speeds Tuesday after reporting generally positive outlooks.
was up 4% to $23.40 on Instinet after saying same-store sales rose better than 10% in June. The company also raised second quarter earnings guidance from 18 cents a share from 15 cents.
Pacific Sunwear said total sales for the five weeks of June of fiscal 2002 were $73.3 million, an increase of 26.6% over total sales of $57.9 million last year.
Meanwhile, for the second quarter ended June 1, New York-based Nautica said it lost $2.6 million, or 8 cents per diluted share, including an after-tax charge of $2.1 million, or 6 cents per share, for closing a distribution center in Rockland, Maine. Sales for the first quarter were $125.9 million, down from $135.2 million last year.
The company sees a rebound in the second half of 2002. For the second quarter, the company said it expects earnings per share of 28 cents to 30 cents, compared with a consensus estimate of 26 cents. The company continues to expect a revenue decline by a low-to-mid single digit percentage for the first half of the year, and a mid-to-high single digit increase in the second half.
The shares inched up 9 cents to $11.70 in thin premarket trading.