Pacific Sunwear of California Inc. on Wednesday said it narrowed its fourth-quarter loss compared with a year ago.
For the three months ended Feb. 2, the loss narrowed to $19.9 million, or 29 cents a diluted share, from a loss of $38.1 million, or 56 cents, last year. Excluding onetime charges, the loss from continuing operations for the quarter was $11.4 million, or 17 cents a diluted share, compared with a loss from continuing operations of $13 million, or 19 cents, last year. Net sales rose 4.3 percent to $228.0 million from $218.7 million, while comparable-store sales rose 1 percent. Sales results for the fourth quarter of fiscal year 2012 are for a 53-week period, while the comps figure excludes the extra week.
For the full year, the loss narrowed to $52.1 million, or 77 cents a diluted share, from a loss of $106.4 million, or $1.60, in 2011. Net sales rose 3.3 percent to $803.1 million from $777.3 million.
The company provided first-quarter guidance, stating that it expects a non-GAAP loss per share from continuing operations ranging from 17 cents to 24 cents. That compares with a first-quarter loss for fiscal year 2012 of 20 cents. The company also expects a comps range from a negative 3 percent to a positive 1 percent on revenues forecasted at between $160 million and $167 million.
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