PSUN - Earnings
Doesn't really look that horrible to me (see bold). I can't see it continuing to tank.
ANAHEIM, Calif. (AP) -- Pacific Sunwear of California Inc. reported a fourth-quarter loss about the same as its loss a year earlier as its revenue declined.
Shares of the teen retailer, based in Anaheim, Calif., fell on the news.
PacSun reported a loss of $35 million, or 53 cents per share, compared with a net loss of $36 million, or 56 cents per share, in the same quarter last year. Excluding one-time items, the company said its loss grew to 33 cents per share in this year's fourth quarter from 26 cents per share a year earlier.
Quarterly revenue fell 10 percent to $263 million.
The results were worse than Wall Street was expecting. Analysts anticipated the company would report an adjusted loss of 27 cents per share and revenue of $272 million, according to FactSet.
PacSun said its sales of men's wear rose on a comparable basis, while its women's sales continued a two-year slide.
"We clearly have much still to accomplish to turn this business around," said CEO Gary H. Schoenfeld.
The company expects to post a loss of 46 cents to 55 cents per share for the first quarter, or 29 to 35 cents per share on an adjusted basis.
For the full year, it lost $96.6 million, an improvement over its fiscal 2009 loss of $70.3 million. Its revenue for the year that ended Jan. 29 was $930 million, down from $1.03 billion in fiscal 2009.
PacSun shares fell 33 cents, or 7.7 percent, to $3.98 in after-hours trading Tuesday after the company reported on its earnings. They had ended regular trading up 12 cents at $4.31.
AI
