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Tiffany Montgomery
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PacSun now expects Q3 loss after weak October

By Tiffany Montgomery
November 06, 2008 7:30 AM

PacSun now expects to report a third quarter loss after sales continue to weaken across most of the country.

October same-store sales: down 11 percent

Q3 comps: down 7 percent

YTD comps: down 3 percent

Oct. apparel comps: up 1 percent

Juniors apparel: up 5 percent. Strength in tops and Bullhead denim.

Young men's apparel: down 3 percent. Bullhead denim was strong, T's weak.

Accessory comps: down 41 percent

Footwear comps: down 64 percent as the company exits most footwear.

No. of transactions: up mid-single digits

Average sale: down mid-teens

Regions: Sales were weak in all regions except the Midwest, which was flat. The weakest regions were California, Desert Southwest, Northwest, Rocky Mountains and Great Plains.

Guidance: The company lowered its guidance for the third quarter, and now expects to report a loss of 7 cents to 8 cents per diluted share. Previously, PacSun had forecast earnings of 0 cents to 5 cents.

 


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