Pacific Sunwear of California (NASDAQ:PSUN) is expected to report Q4 earnings after the market close on Thursday, March 12 with a conference call scheduled for 4:45 pm ET.
Analysts are looking for a loss of (50c) on revenue of $345.52M. The consensus range is (53c)-(42c) for EPS, and revenue of $325.08M-$351.7M, according to First Call. After reporting its January same-store sales declined 11%, slightly better than the Retail Metrics estimate of down 12.9%, Pacific Sunwear forecast Q4 EPS (38c)-(43c) vs. its prior view of (3c)-(8c). During the quarter, The Adrenalina Group, which owns approximately 3.2% of the outstanding shares of the company, dropped its offer to buy PacSun due to the company's share price, but disclosed its slate of director nominees for election to Pacific Sunwear's board of directors and called for the resignation of CEO Sally Frame-Kasaks.
Pacific Sunwear, which is focused on closing underperforming stores and significantly lowering inventories, said it is in the best interest of its shareholders to focus on operations and that the board supports Frame-Kasaks. In January, PacSun announced plans to cut headcount at its headquarters by 11% and said it would reduce cap ex by more than $50M from FY08 levels to no more than $300M. PacSun has posted losses in two of the last three quarters and many analysts believe another loss will occur this quarter. :theflyonthe