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Four specialty retailers posted fourth-quarter results on Thursday, with Pacific Sunwear of California Inc. the big loser as its quarterly profit dropped 42.3 percent.
This story first appeared in the March 14, 2008 issue of WWD. Subscribe Today.
The skate-and-surf-inspired chain said earnings for the period ended Feb. 2 fell to $5.2 million, or 7 cents a share, from $9.1 million, or 13 cents. Sales fell 7.8 percent to $420.1 million from $455.8 million, while total same-store sales decreased 2.2 percent. By division, comps at PacSun increased 2.1 percent, and declined 31 percent at the d.e.m.o. chain.
For the year, the chain lost $30.4 million, or 44 cents a share, as sales inched up 0.8 percent to $1.45 billion.
PacSun expects full-year earnings from continuing operations in the range of 73 to 77 cents a share, but expects to report a loss of 6 to 8 cents a share during the first quarter. The company previously said it was discontinuing its d.e.m.o. business.
Eddie Bauer swung to a fourth-quarter loss for the three months ended Dec. 29.
The retailer lost $18.2 million, or 59 cents a share, against a profit of $63.2 million, or $2.11, a year ago. Sales rose 2.7 percent to $392.4 million from $381.9 million, while total same-store sales grew 4.8 percent.
For the year, the loss narrowed to $101.7 million, or $3.33 a share, while sales grew 3 percent to $1.04 billion.
On the positive side, Aéropostale Inc. said for the three months ended Feb. 2, income rose to $64.7 million, or 95 cents a share, from $57.3 million, or 72 cents, in the same year-ago period. Sales grew 16.7 percent to $591.3 million from $506.8 million, while total same-store sales increased 9.2 percent.
For the year, income rose 21.1 percent to $129.2 million, or $1.73 a share, on a sales gain of 12.6 percent to $1.59 billion.
The company expects first-quarter earnings in the range of 20 to 22 cents a share, and for the year predicts earnings of $1.70 a share.
Despite slowness in sales in the second half of the year, action-apparel retailer Zumiez Inc. reported a 10.3 percent increase in fourth-quarter earnings.
For the three months ended Feb. 2, earnings reached $12.4 million, or 42 cents a share, from $11.3 million, or 39 cents, last year. Sales for the quarter rose 12.7 percent to $126.6 million from $112.4 million. Total same-store sales grew 4 percent.
For the year, earnings rose 21.4 percent to $25.3 million, or 86 cents a share, on a sales gain of 27.9 percent to $381.4 million.
The company forecasts full-year guidance in the range of 90 to 93 cents a share.