US: Pacific Sunwear swings to Q3 profit
- Company swings to Q3 profit of $948m
- Sales climbed 0.7% to $228.4m
- Q4 revenue to be between $225m and $235m
Pacific Sunwear of California reported a 0.7% increase in third-quarter sales
Teen sportswear retailer Pacific Sunwear of California has swung to a third-quarter profit after Black Friday comparable store sales growth.
Net income reached $948m for the quarter ended 27 October, compared to a loss of $17.6bn the year before.
Excluding $1.7m in store closure related charges and a one-off gain of $5.6m, losses from continuing operations narrowed to $1.8m, compared to a $7.1m loss the prior year.
Net sales edged up 0.7% to $228.4m, compared to $226.8m the same period last year, while same-store sales climbed 1%.
"We continue to see evidence of our turnaround strategies taking hold with our third straight quarter of positive comparable store sales growth and a 260 basis point improvement in merchandise margins, on an adjusted basis," said CEO and president Gary Schoenfeld.
"After a slow start to the first few weeks of back-to-school, we performed well during the peak of the selling season which translated to our first positive sales comp in the third quarter since 2007 and a more than $10m improvement in our pre-tax operating results."
"With high single-digit comps on Black Friday, we finished the month of November at a 1% sales comp, similar to the third quarter," Schoenfeld added.
The retailer expects fourth-quarter revenue to be between $225m and $235m, while adjusted loss per share from continuing operations is forecast to range from $0.09 to $0.17.
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Teen sportswear retailer Pacific Sunwear of California Inc has seen its fourth-quarter losses narrow, helped by higher sales and better margins....
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