By  on March 13, 2012

Pacific Sunwear of California Inc.’s extensive downsizing efforts bore some fruit in the fourth quarter, allowing the teen retailer to register a smaller-than-expected adjusted loss and improvement in gross margin.

Still, in the three months ended Jan. 28, the net loss expanded to $38.1 million, or 56 cents a diluted share, from a loss of $35.2 million, or 53 cents, a year ago. The loss from continuing operations, eliminating 87 store closures during the year’s final quarter, was trimmed to 45 cents from 46 cents. Further eliminating the effect of derivative liabilities resulting from its financing arrangements with Golden Gate Capital, the adjusted loss was 19 cents a diluted share, 3 cents better than the 22 cent loss expected, on average, by analysts.

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