PacSun falls short of last year Q3 numbers, updates Q4 guidance
Pacific Sunwear of California, Inc. released its financial results for the third quarter of fiscal 2015, ended October 31, 2015 and issued its fourth quarter 2015 guidance.
Net sales for the quarter were $205.9 million compared to $212.3 million in the third quarter of 2014. Comparable store sales decreased 3%, and the company reported a net loss of $3.4 million compared to a net loss of $0.5 million in the prior year.
“We have been encouraged by improving trends over the past 90 days leading to Q3 results at the high-end of our guidance, an 11% comp on Black Friday and a 1% comp for November,” said Gary H. Schoenfeld, President and Chief Executive Officer. “While there is no shortage of challenges still to overcome, we believe that our Best Brands, Great Style positioning is creating something distinctly relevant amidst a very crowded marketplace.”
For the fourth quarter of fiscal 2015, the company expects net sales to range between $223 million and $237 million and for comparable store sales to range between -3% to 3%.
Pacific Sunwear and its subsidiaries focus on the action sports, fashion and music influences of the California lifestyle. The Company sells a combination of branded and proprietary casual apparel, accessories and footwear aimed aty teens and young adults. As of September 8, 2015 the Company operated 609 stores in all 50 states and Puerto Rico.
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