Pacific Sunwear 3Q Profit Drops
Anaheim, Calif., Pacific Sunwear of California said Thursday third-quarter net income declined 78%, weighed down by charges and a comp-store sales decline. Net income for the quarter ended Oct. 28 fell to $9 million, from $40.5 million during the same period last year. Comp-store sales fell 6.7%, while revenue edged down less than 1% to $375.4 million from $377.5 million last year.
“Although we are deeply disappointed with our third-quarter results, we are moving aggressively in an effort to reverse the trend,” said interim CEO Sall Frame Kasaks, adding the company is taking steps to reduce overall inventory density in its stores.