Pacific Sunwear Q2 Loss Deepens to $19.2m

Pacific Sunwear Action sportswear retailer Pacific Sunwear of California has reported a wider second-quarter loss, despite higher sales and margins.

The company’s loss deepened to $19.2m during the three months to August 3rd, compared to a $17.5m loss in the same period of the previous year. Sales, however, rose 9.1% to $215.2m from $197.3m last year, while comparable store sales were up 3%.

“We are pleased with our strong performance as evidenced by our sixth consecutive quarter of both positive comparable store sales growth and higher merchandise margins,” said president and CEO Gary Schoenfeld.

“We believe our customers are beginning to recognize and appreciate our diverse lens toward California lifestyle and our curated assortment of great brands and distinctive style which together are re-establishing PacSun’s unique identity.”

Year-to-date profit widened to $43.4m versus $33.2m, while sales reached $385.1m, up 7.1% from $359.6m last year.

For the third quarter, the company expects revenue to be $202-209m, down from $228.4m last year. Comparable store sales are forecast to fall 1% to increase 3%, down from growth of 1% last year.

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