• Q3 net loss of US$17.6m, versus $7m
  • Net sales down 6.2% to $242m
  • Same store sales down 3%

Retailer Pacific Sunwear recorded increased third quarter losses, impacted by $6.3m in charges related to store closures and continued sales declines across the business.

The company, which also announced that it would close up to 200 stores in the next 14 months, has secured additional borrowing as it continues to struggle in a tough retail environment.

“After a soft start to the back-to-school season in early August, our business improved in both men’s and women’s, resulting in same store sales and non-GAAP loss per share for Q3 better than we had expected,” said company president and CEO Gary Schoenefeld.

“Looking now to the fourth quarter, we were encouraged by double-digit positive comps on Black Friday and a particularly strong response to our new strategies for women’s holiday merchandising.

“Yet seasonal categories in both genders have started off slower than we would have expected, resulting in quarter-to-date comp trends similar to the -3% we achieved in Q3.”