Pacific Sunwear of California reported net sales for the third quarter that beat analyst estimates, but saw a drop in comparable store sales. The chain delivered net sales of $205.9 million, which was lower than last year’s $212.3 million, but beat the FactSet third-quarter estimate for $198 million. Comparable store sales declined 3 percent, but the company said it had positive comps for Black Friday.
PacSun reported a net loss of 5 cents a diluted share, beating the FactSet estimate of a loss of 8 cents. Investors were pleased with the results, sending the stock up more than 50 percent at one point in post-market trading.
“We have been encouraged by improving trends over the past 90 days leading to Q3 results at the high-end of our guidance, an 11 percent comp on Black Friday and a 1 percent comp for November,” said Gary H. Schoenfeld, president and chief executive officer. “While there is no shortage of challenges still to overcome, we believe that our Best Brands, Great Style positioning is creating something distinctly relevant amidst a very crowded marketplace.”
The company’s guidance for the fiscal fourth quarter is for a net loss per diluted share in the range of 4 cents to 14 cents. That compares to last year’s loss of 10 cents.
Aérospostale Inc. just squeaked out an earnings beat for its fiscal third quarter. The teen retailer reported a net loss for the quarter, excluding charges, of 31 cents a share, better than the FactSet estimate of a loss of 34 cents a share.
Sales missed big, though, as the retailer delivered only $363.3 million versus the expectation of $393 million. Net sales dropped 20 percent from last year’s $452.9 million.
Julian R. Geiger, ceo, commented, “Our results for the quarter led to an adjusted operating loss that was within our original guidance range and that demonstrated a $13 million improvement versus last year. While we are disappointed with our sales performance, we learned a great deal from our first quarter under our new merchandising strategy and intend to build upon the areas of progress and improve our business further.”
The fourth-quarter guidance is expected to be a net loss in the range of 4 cents to 17 cents a share, which is worse than the analyst forecast of 2 cents. Aérospostale is not currently in compliance with listing requirements at the New York Stock Exchange. The company is working with the exchange to address meeting the requirements.