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Pacific Sunwear of California (PSUN) Posts 3Q Adjusted Loss, Sales Up

 November 29, 2012 04:43 PM
 


(By Balaseshan) Specialty retailer Pacific Sunwear of California Inc. (NASDAQ: PSUN) reported a narrower third-quarter adjusted loss as its sales trends increased resulting in higher comparable store sales and a 260-basis-point improvement in merchandise margins.

Earnings from continuing operations for the third quarter were $948,000, or $0.01 per share, compared with a loss of $14.01 million, or $0.21 per share, last year. Adjusted loss per share from continuing operations narrowed to $0.03 from $0.11.

Sales increased to $228.43 million from $226.79 million. Total company same-store sales rose 1 percent.

[Related -Stocks Close Lower Amid China Data; HP Jumps]

Analysts, on average, polled by Thomson Reuters had expected a loss of $0.03 per share on revenue of $226.21 million for the third quarter.

Gross margin for the quarter increased to 26.6 percent from 24.4 percent. Selling, general and administrative expenses declined to $62.08 million from $68.41 million.

Looking ahead into the fourth quarter, the company expects adjusted loss from continuing operations of $0.09 to $0.17 per share and revenue of $225 million to $235 million, while the Street predicts a loss of $0.09 per share on revenue of $221.69 million.

The company anticipates fourth quarter same-store sales between negative 1 percent and positive 3 percent. Gross margin rate, including buying, distribution and occupancy, is expected to be 22 percent to 25 percent.

SG&A expenses is projected in the range of $63 million to $65 million. Normalized annual income tax rate is predicted to be about 37 percent for the fourth quarter. Its guidance range excludes the quarterly impact of the change in the fair value of the derivative liability due to the inherently variable nature of this financial instrument.

[Related -Futures Plunge After China Data; HP Surges]

PSUN closed Thursday's regular trading up 12.50 percent at $1.89. The stock has been trading between $1.17 and $2.73 for the past 52 weeks.

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