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Details on Industry Insight.
Here is a summary of Pacific Sunwear’s third quarter earnings released at 1 p.m.
Net sales: down 17.2% to $268 million
Same-store sales: down 18%
Net loss: $10.9 million vs. $3.5 million the same period last year
Young men’s improved in the third quarter, and overall sales were above plan the first 11 weeks of the quarter.
But in the last two weeks of October and the first two weeks of November, there has been a “precipitous” decline across both men’s and women’s categories, the company said.
The company expects fourth quarter same-stores sales to fall in the low 20’s. The fourth quarter loss should range from 28 cents per share to 35 cents per share.
We’ll have a full report from the earnings conference call later this afternoon.