PacSun increases net loss in Q4
Anaheim, Calif. – Pacific Sunwear of California Inc. reported a net loss of $22.5 million during the fourth quarter of fiscal 2013, up from a net loss of $19.8 million in the same period a year earlier. Net sales dropped 2% to $218.6 million $222.8 million, while same-store sales rose 2%.
Pacific Sunwear cited the 53rd week in fiscal 2012 as negatively affecting its comparative fiscal 2013 results. Looking ahead, the retailer expects a same-store sales increase of 1 to 4% and revenues of $169 million to $174 million during fiscal 2014.
During the full fiscal year 2013, Pacific Sunwear reported a net loss of $48.7 million, down from a net loss of about $52.1 million in the prior fiscal year. Net sales were $797.8 million, up 2% from $784.7 million. Same-store sales increased 2%.
"We continue to be encouraged by our positive momentum within a challenging retail environment throughout the year, marked by eight straight quarters of positive comparable store sales, sustained gross margins, and reduced operating costs, all contributing to a significant improvement in our operating performance compared to fiscal 2012," said Gary H. Schoenfeld, president and CEO. "Looking ahead to fiscal 2014, our key priorities include showcasing our premium brand portfolio through curated assortments, managing inventory with on-trend fashion and speed to market, and continuing to elevate both our in-store and digital experience. Through our Golden State of Mind brand identity, we continually strive to deliver the creativity, diversity and optimism that is quintessentially California and unique to PacSun across all facets of our business."