PacSun loss widens in Q4
ANAHEIM, Calif. — Pacific Sunwear of Calif. Inc. reported Tuesday that its loss for the quarter ended Jan. 28 widened to $38.1 million, compared with a net loss of $35.2 million a year earlier. Sales dipped 1% to $234.2 million from $237.6 million, missing Wall Street’s expected revenue of $245.9 million.
PacSun has been in the throes of a right-sizing effort, working to build sales while closing underperforming stores. The company closed 87 stores during fourth quarter and ended fiscal 2011 with 733 stores.
“We remain focused on the key merchandising, in-store and digital initiatives that we believe are critical to successfully rebuilding the PacSun brand and our position in the marketplace," said Gary Schoenfeld, president and CEO.
For the full year, PacSun’s loss widened to $106.4 million, from a loss of $96.6 million in 2011. Revenue was essentially flat at $833.8 million.