USA: PacSun Q2 Income Up 106 Per Cent
Sales for the second quarter of fiscal 2002 were $190.9 million, an increase of 22 per cent over $156.5 million in 2001. Same-store sales increased 7.3 per cent for the second quarter, with PacSun same-store sales up 7.4 per cent and d.e.m.o. same-store sales up 6.0 per cent.
Greg Weaver, chairman and chief executive officer, stated: "We feel good about our merchandise assortments and are optimistic about back-to-school sales. We opened 59 net new stores in the first half of 2002, and expect to open 17 in the second half for total square footage growth of 15 per cent for the year."
Net income for the first half of fiscal 2002 was $10.6 million, an increase of 136 per cent over net income of $4.5 million for the first half of fiscal 2001. Sales for the first half were $352.6 million, an increase of 19.9 per cent over sales of $294.2 million last year. Same-store sales increased 4.2 per cent for the first half with PacSun same-store sales up 4.5 per cent and d.e.m.o. same-store sales up 0.9 per cent.
Companies: Pacific Sunwear of California Inc
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