NEW YORK — Weak sales of early summer items caused Pacific Sunwear of California to miss its April sales plan, but the chain still expects to hit Wall Street’s first-quarter estimates.
April same-store sales nudged up 1.6 percent, with a 1.2 percent gain at Pacific Sunwear and 13.3 percent at d.e.m.o. The target figure wasn’t specified.
“The last two weeks of April, the week before and the week after Easter, did not live up to our expectations,” said Greg Weaver, chairman and chief executive, in a statement, blaming the late Easter and shift of its spring-break promotion, Pac Bucks, to March. Weather also contributed, with flat-to-down comps in the East and Midwest and mid-single-to-low-double-digit gains in the West.
“However, the same-store sales increase for March and April combined was 6.1 percent, which was above our plan,” he said. Merchandise margins remain strong and were better than the first quarter last year. Weaver predicted first-quarter earnings of 18 cents, ahead of last year’s 13 cents and on par with Wall Street’s consensus estimate.
The company’s stock moved up 1 3/4 Monday to 35 13/16. The announcement about April sales came after the market closed.