MOSS ADAMS CAPITAL: Apparel and foowear market monitor highlights notable deals, stock prices and results.
Details 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.