US: PacSun Q4 loss narrows as comps rise
- Q4 net loss US$22m, down from $22.2m
- Net sales down 1.9% to $218.6m
- Comparable store sales rise 2%
Action sports and lifestyle retailer Pacific Sunwear of California posted a marginally lower fourth quarter loss after maintaining recent increases in comparable store sales.
Net sales fell 1.9% in the three months to 1 February, but comps rose 2%, giving a slight rise in full-year net sales and a 2% annual comps increase – plus a slight reduction in full-year net loss, at $47m compared to $52.6m.
“We continue to be encouraged by our positive momentum within a challenging retail environment throughout the year, marked by eight straight quarters of positive comparable store sales, sustained gross margins, and reduced operating costs, all contributing to a significant improvement in our operating performance compared to fiscal 2012,” said Gary Schoenefeld, PacSun president and CEO.
Pacific Sunwear of California's senior vice president of women's merchandising and design, Christine Lee, has stepped down to take up a new role at The Wet Seal....
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