USA: PacSun - Pacific Sunwear - Reports First Quarter Net Income Increases 44%
Pacific Sunwear of California, Inc. (Nasdaq:PSUN) Monday reported record first quarter results for the 13 weeks ended April 30, 2000. Net income for the first quarter was $5.8 million, or $.18 per share, basic, and $.18 per share, diluted, compared with $4.0 million, or $.13 per share, basic, and $.13 per share, diluted, for the first quarter of fiscal 1999. Sales for the first quarter ended April 30, 2000 were $112.6 million, an increase of 38% over sales of $81.4 million for the first quarter of fiscal 1999. Same store sales increased 7.0% for the first quarter ended April 30, 2000, with PacSun same store sales up 6.6% and d.e.m.o. same store sales up 16.5%. (All references to shares and per share amounts reflect a 3-for-2 stock split effected on June 8, 1999.) "I'm very pleased with our record first quarter results, which has, historically, been our least profitable quarter. The results reflect excellent top line and same store sales growth and better gross margins than the first quarter last year. We are very pleased with the first quarter sales results at d.e.m.o. and the progress we are making on merchandise margins and private brand penetration. I'm also pleased with our online sales and progress at pacsun.com," said Greg Weaver, Chairman of the Board and Chief Executive Officer. "During 2000 we plan to open a total of 130 new stores and relocate or expand approximately 31 of our most productive stores which equates to a 38% increase in store square footage for the year," concluded Weaver. Pacific Sunwear is a leading specialty retailer of everyday casual apparel, accessories and footwear designed to meet the needs of active teens and young adults. The Company currently operates 421 PacSun stores, 34 PacSun outlet stores and 52 d.e.m.o. stores for a total of 507 stores in 48 states. Pacific Sunwear's Web site address is
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