US: Pacific Sunwear losses continue in Q4
- Q4 net loss US$35m, versus $36m
- Revenues down 10% to $263m
- CEO says still “much to accomplish”
Retailer Pacific Sunwear of California still has “much to accomplish” to turn itself around after posting another fourth quarter loss, said the company’s CEO.
The US business registered a double-digit sales decline in the three months to 29 January, while comparable store sales slid down 7%.
Company president and CEO Gary Schoenfeld said the results were in line with Pacific Sunwear’s lower guidance issued in early January.
“Our men’s business achieved a positive comp for the quarter and year, yet our women’s business continued its downward trend of the past two years,” he added.
“While we believe we have made progress in several critical areas, we clearly have much still to accomplish to turn this business around.”
The company expects to register a net loss per share of $0.46-0.55, based on comparable store sales in the range of -3% to +2%.
A slight rise in same-store sales has helped Pacific Sunwear of California Inc narrow its second quarter loss, but the teen fashion retailer said it is being more cautious in its third quarter outlook...
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