Cost cutting, inventory management and improvements in e-commerce helped Pacific Sunwear of California Inc. reduce its third-quarter loss, but the teen-apparel retailer cut fourth-quarter guidance and now expects to lose money.
The Anaheim, Calif.–based specialty retailer said its net loss contracted to $2.5 million, or 4 cents a share, during the three months ended Nov. 1, versus a loss of $20 million, or 29 cents a share, for the same period last year. Excluding a 1 cent a share benefit from the discontinued D.e.m.o. and One Thousand Steps operations and a noncash goodwill impairment charge of 6 cents a share, the company had a profit on an earnings per share basis of 1 cent, matching the consensus estimate. Net sales slid 5.3 percent to $323.6 million from $341.9 million and were down 7 percent on a same-store basis.
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