Pacific Sunwear of California Inc. posted third-quarter results Thursday after the markets closed.
The company said net income for the three months ended Nov. 2 was $17.2 million, or 23 cents a diluted share, from $948,000, or 1 cent, a year ago. Excluding the loss from discontinued operations a year ago, net income from continuing operations was $17.2 million versus $3.4 million last year. Net sales fell 4.1 percent to $206.6 million from $215.5 million, while comparable-store sales rose 1 percent.
Gary H. Schoenfeld, president and chief executive officer, said, “As we transition into the peak holiday season, we have had a strong start in November with comparable-store sales up 6 percent driven by a number of factors including: strength in our emerging brands and unique product assortment, colder weather and strong Black Friday performance.”
The company provided fourth-quarter non-GAAP guidance, projecting a diluted loss per share from continuing operations in the 17 cents to 12 cents range, on revenue expectations of between $216 million and $225 million. The company also forecasted a comps gain for the quarter at between 1 percent to 5 percent.