Pacific Sunwear of California Inc. posted third-quarter results that beat Wall Street’s estimates, as well as positive same-store sales for the period.
For the three months ended Nov. 1, the company posted a net loss of $469,000, or 1 cent a diluted share, against net income of $17.2 million, or 23 cents, a year ago. Net sales were up 4.7 percent to $212.3 million from $202.8 million. The adjusted loss, including one-time charges, was 3 cents a share. Analysts were expecting a loss of 4 cents on an adjusted basis on sales of $208 million.
Gary H. Schoenfeld, president and chief executive officer, said, “With 11 straight quarters of positive comp stores sales, I believe that our elevated merchandising assortments featuring a select number of leading lifestyle brands is resonating with customers and moving us even further toward our goal of establishing the new [Pacific Sunwear] as one of the leading specialty apparel retailers for 17- to 24 year-olds.”
Shares of Pacific Sunwear closed up 4.9 percent to $1.70, and then rose as high as 17.7 percent to $2 in early after-market trading.