US: Pacific Sunwear posts wider Q1 loss
Teen retailer Pacific Sunwear of California has announced a wider first quarter loss amid declining sales.
Its net sales for the first quarter ended 1 May were $190m versus net sales of $223m for the first quarter last year.
Total same-store sales decreased 15% during the period.
For the first quarter it reported a net loss of $31m, compared to a net loss of $9m for the first quarter of fiscal 2009.
The company ended the quarter with cash of $57mn and no borrowings under its credit facility.
"Our first quarter results were at the higher end of our expectations led by improving trends in our Young Mens business and better than expected merchandise margins in both Young Mens and Juniors," stated Gary H Schoenfeld, president and chief executive officer. "While having a lot still to accomplish, we continue to be optimistic about the prospects for sequential quarterly improvements and achieving the targets we outlined at the beginning of the year."
The company expects to report a same-store sales decline of 9% to 14% in the second quarter.
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