News for 'PSUN' - (Pacific Sunwear Posts Positive Holiday Sales; Revises Fourth Quarter Gross Margin Guidance) ANAHEIM, Calif., Jan 10, 2013 (GLOBE NEWSWIRE via COMTEX) -- Pacific Sunwear ofCalifornia, Inc. (Nasdaq:PSUN) (the "Company"), announced today that its fourth fiscal quarter same-store sales through January 6, 2013 increased 1% on acontinuing operations basis. The Company also disclosed that it expects itsgross margin percentage for the fourth quarter to be in the range of 21% to 22%,which represents an increase of approximately 200 to 300 basis points over thesame period a year ago. This compares to previous guidance of 22% to 25%. Basedon this gross margin trend, the Company expects non-GAAP loss per share from continuing operations to be at the lower end of its previously announced guidance range of $(0.09) to $(0.17), compared to $(0.20) in the fourth quarterof fiscal 2011. "A shift in holiday traffic toward the end of December resulted in a greater proportion of sales during the peak promotional period versus what we hadplanned," said Gary H. Schoenfeld, President and Chief Executive Officer."Overall, we continue to be encouraged by our results as we are on track tocomplete both the quarter and the year with positive comparable store sales,higher margins, continued leverage of our cost base, and improved inventory productivity, all of which are contributing to substantial improvement in ourpre-tax operating results."
