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.
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