Pacific Sunwear Swings to 2Q Profit
Anaheim, Calif. Pacific Sunwear of California Inc. said Thursday that it swung to a fiscal second-quarter profit on stronger sales and a smaller loss from discontinued operations. The company posted a profit of $2.8 million compared with a loss of $10.5 million a year ago.
Results from continuing operations totaled $3.7 million compared with $9.3 million in the prior-year quarter.
The loss from discontinued operations for the quarter was $912,000, compared with a loss of $19.8 million in the prior year.
Sales rose to $312.7 million from $311.8 million. Same-store sales declined 1% during the quarter.
"Although our earnings for the second quarter were in line with our expectations, our results continue to reflect the impact of a weakening economy on the retail sector," CEO Sally Frame Kasaks said in a statement.