Shares of Pacific Sunwear of California Inc. rose 1.3 percent in early after-market trading following the teen chain’s report of fourth-quarter results.
The shares on Monday initially closed up 6.4 percent to $3 in trading on the Nasdaq, before climbing again to $3.04. The company reported its fourth-quarter and full-year results after the markets closed and did better than Wall Street expected.
For the three months ended Feb. 1, the net loss was $22.5 million, or 33 cents a diluted share, compared with a net loss of $19.9 million, or 29 cents, a year ago. On an adjusted basis, stripping out a certain loss and a tax benefit, the loss for continuing operations was 17 cents a share for the quarter, better than Wall Street’s estimate of a loss of 19 cents. Net sales slipped 1.9 percent to $218.6 million from $222.8 million. Same-store sales in the quarter were up 2 percent.
For the year, the net loss narrowed to $48.7 million, or 71 cents a diluted share, from $52.1 million, or 77 cents, in 2012. Net sales rose 1.7 percent to $797.8 million from $784.7 million.
Gary H. Schoenfeld, president and chief executive officer, said, “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.”
The ceo added that key priorities in fiscal 2014 include “showcasing our premium brand portfolio through curated assortments, managing inventory with on-trend fashion and speed to market, and continuing to elevate both our in-store and digital experience.”
For the first quarter, the company is forecasting an adjusted loss of 12 cents to 17 cents a diluted share, compared with a loss of 14 cents a year ago. The chain also guided revenue to between $169 million and $174 million, and a same-store sales gain of between 1 percent and 4 percent.
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye