Pacific Sunwear of California Inc. posted a wider fourth-quarter loss, but managed to narrow its loss for the full year.
For the three months ended Jan. 31, the loss widened to $26 million, or 38 cents a diluted share, from a loss of $22.5 million, or 33 cents, a year ago. Excluding certain one-time items, the retailer would have posted a loss from continuing operations of 10 cents a diluted share, compared with a loss from continuing operations of 17 cents a diluted share a year ago. Net sales rose 5.9 percent to $231.6 million from $218.6 million, on a comparable-store sales gain of 6 percent. The company did better than Wall Street’s consensus estimate, which was a loss of 11 cents a share on an adjusted basis on net sales of $229.5 million.
For the year, the loss narrowed to $29.4 million, or 42 cents a diluted share, from a loss of $48.7 million, or 71 cents, in 2013. Net sales rose 3.6 percent to $826.8 million from $797.8 million.
Gary H. Schoenfeld, president and chief executive officer, said, “Building on a strong finish to 2014, we continue to believe in the distinct positioning that we are creating for PacSun which includes developing the most relevant men’s and women’s brands for our targeted 17 to 24 year old customers and showcasing the creativity, diversity and optimism that embodies Southern California lifestyle.”
He added that the quarter “marks our 12th straight quarter of positive comparable store sales.”
The company forecasted a first quarter non-GAAP loss per diluted share of between 3 cents to 4 cents. It said that the disruption at the Southern California ports, along with severe cold weather in many parts of the country, has adversely affected first-quarter comps by 2 to 3 percent. Comps were guided to a range of minus 1 percent to plus 2 percent. Revenues are expected at between $167 million to $173 million.
Shares of PacSun fell 2.4 percent to $2.87 in Nasdaq trading. The company posted results after the markets closed. Shares of PacSun rose 1.9 percent to $2.92 in early after-hours trading.