PacSun cuts Q4 loss

ANAHEIM, Calif. — Pacific Sunwear of California announced that net sales from continuing operations for the fourth quarter of fiscal 2012 ended Feb. 2, were $228 million versus net sales from continuing operations of $218.7 million for the fourth quarter of fiscal 2011 ended Jan. 28, 2012.

Comparable-store sales for the fourth quarter of 2012 increased 1%.  

The company ended fiscal 2012 with 644 stores, compared with 733 as of the end of fiscal 2011. The company closed 78 stores in the fourth quarter of fiscal 2012.

On a GAAP basis, the company reported a loss from continuing operations of $22.5 million, or 33 cents per diluted share, for the fourth quarter of fiscal 2012, compared with a loss from continuing operations of $26.7 million, or 39 cents per diluted share, for the fourth quarter of fiscal 2011. 

Total net sales from continuing operations for fiscal 2012 were $803.1 million versus net sales from continuing operations of $777.3 million for fiscal 2011. Comparable-store sales increased 2% during fiscal 2012.

On a GAAP basis, the company reported a loss from continuing operations of $52.2 million, or 77 cents per diluted share, for the 2012 fiscal year, compared with a loss from continuing operations of $82.1 million, or $1.23 per diluted share, for the 2011 fiscal year.

"2012 was a very solid year for PacSun with important progress in several key facets of our business. We achieved positive sales comps with better margins in every quarter for the first time since 2007, continued to leverage our cost base, and equally important is my belief that we are beginning to re-establish PacSun's unique identity tied to great brands, on trend merchandising and our distinct connection to California Lifestyle," said Gary H. Schoenfeld, president and CEO. "Looking ahead to this year our key priorities remain working closely with our key brands, attracting new customers and continuing to elevate both our in-store and on-line experience."

For the first quarter of 2013, the company expects a non-GAAP loss per share from continuing operations of between negative 17 cents and negative 24 cents, compared with negative 20 cents in the first quarter of fiscal 2012. Comparable-store sales for the quarter expected to be negative 3% to plus 1%.