Pacific Sunwear Sales Drop 5.3%
Anaheim, Calif. Pacific Sunwear of California reported that its sales for the quarter fell 5.3% to $323.6 million, down from $341.9 million a year earlier, as cautious consumers continued to pull back on spending.
The company said it posted a net loss of $2.5 million for the period ended Nov. 1, compared with a loss of $20 million in the year-earlier period.
The company said the quarter included a goodwill impairment charge of about $4.2 million.
Results from continuing operations, which exclude results from businesses that have been sold or are in the process of being sold, amounted to a loss of $3.5 million compared with income of $17.1 million from the previous year.
Same-store sales fell 7% in the quarter.