PacSun's struggles continue, weak Q1 forecast

By TIFFANY MONTGOMERY

Here are a few highlights from Pacific Sunwear’s earnings release this afternoon. More details to come from conference call.

Q4 results

Sales: down 17% to $293 million

Same store sales: down 19%

Net loss, excluding charges: $17 million vs. $27 million

Net loss, including charges: $36 million vs. 27 million

Cash: Ended quarter with $93 million in cash and no borrowings

2009 results

Sales: down 18% to $1 billion

Same store sales: down 20%

Net loss, excluding charges: $51 million vs. $39 million

Net loss, including charges: $70 million vs. $39 million

Q1 forecast

Same store sales: down 13% to 18%.

Gross margins: 19% to 21% vs. 27% the same period last year

Net loss: 50 cents to 60 cents per share. Excluding tax issues, a net loss of 32 cents to 38 cents.

The company is expecting same store sales will improve throughout the year.