• Q1 loss narrows to $10.4m from $24.2m 
  • Sales rise 2.9% to $171.1m
  • Comparable store sales up 3%
Sales climbed 2.9% to $171.1m during the first quarter

Sales climbed 2.9% to $171.1m during the first quarter

Action sports and lifestyle retailer Pacific Sunwear of California has said it remains cautious in its outlook, despite narrowing its loss and increasing sales in the first quarter.

Net loss came to US$10.4m for the three months to 3 May, compared to a loss of $24.2m in the same period last year. Sales climbed 2.9% to $171.1m from $166.4m, and comparable store sales were up 3%.

"I believe that in a tough marketplace we are continuing to attract new customers and great brands to PacSun, which has been key to achieving our ninth straight quarter of positive comparable store sales," said president and CEO Gary Schoenfeld.

"While we anticipate continued growth in our men's business, the promotional environment that we are seeing in the mall coupled with underperformance in a couple of categories in women's is resulting in a more cautious outlook for the second quarter."

The company expects second-quarter profit adjusted earnings per share to be between $0.08 and $0.02, based on revenues of $200-210m and a comparable store sales decline of 5% to flat.