Pacific Sunwear Q3 comparable sales rise 4 percent

REPORT_ Pacific Sunwear of California has said that its net sales from continuing operations for the third quarter of fiscal 2014 ended November 1, 2014, were 212.3 million dollars versus net sales from continuing operations of 202.8 million dollars for the third quarter of fiscal 2013 ended November 2, 2013. Comparable store sales for the third quarter of fiscal 2014 increased 4 percent. The company ended the third quarter with 620 stores versus 635 stores a year ago.

“We were very pleased with our Q3 comp store performance, inventory productivity and continued improvement in non-GAAP EPS,” said Gary H. Schoenfeld, President and Chief Executive Officer, adding, “With eleven straight quarters of positive comp stores sales, I believe that our elevated merchandising assortments featuring a select number of leading lifestyle brands is resonating with customers and moving us even further toward our goal of establishing the new PacSun as one of the leading specialty apparel retailers for 17-24 year-olds.”

The company's guidance range for the fourth quarter of fiscal 2014 contemplates a non-GAAP loss per diluted share from continuing operations of between 0.17 dollars and 0.12 dollars, compared to 0.17 dollars in the fourth quarter of fiscal 2013. The forecasted fourth quarter non-GAAP loss from continuing operations per diluted share guidance range is based on the assumption that comparable store sales would remain flat to over 4 percent; revenue from 218 million dollars to 227 million dollars; and gross margin rate, including buying, distribution and occupancy, of 21 percent to 24 percent.