The Moss Adams Apparel Market Monitor shows that public companies, with the exception of the Youth Lifestyle category, continue to outperform the overall stock market. Previews of Agenda WMNS at Long Beach, Agenda NYC and Agenda Vegas. Now on Industry Insight.
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.