Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message| ()  

Executives

Gary H. Schoenfeld - Chief Executive Officer, President and Director

Michael Kaplan - Chief Financial Officer and Senior Vice President

Craig E. Gosselin - Senior Vice President of Human Resources, General Counsel and Secretary

Analysts

Brian Czenszak

Erinn E. Murphy - Piper Jaffray Companies, Research Division

David E. Griffith - Roth Capital Partners, LLC, Research Division

Lee J. Giordano - Imperial Capital, LLC, Research Division

Jeffrey Wallin Van Sinderen - B. Riley & Co., LLC, Research Division

Marni Shapiro - The Retail Tracker

Christine Chen - Needham & Company, LLC, Research Division

Betty Y. Chen - Wedbush Securities Inc., Research Division

Andrew Burns - D.A. Davidson & Co., Research Division

Pacific Sunwear of California (PSUN) Q3 2011 Earnings Call December 7, 2011 4:30 PM ET

Operator

Good afternoon. My name is Jamaria, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pacific Sunwear Q3 2011 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to our host, Mr. Craig Gosselin. Sir, you may begin your conference.

Craig E. Gosselin

Good afternoon, and welcome to the Pacific Sunwear of California Conference Call announcing the company's fiscal third quarter 2011 financial results. This is Craig Gosselin, Senior Vice President, General Counsel and Head of Human Resources. This call is being recorded and the playback will be available starting today, approximately 2 hours after the call through midnight on December 14, 2011. It can be accessed at (855) 859-2056 or (404) 567-3406, passcode 30247379. The call will also be archived on the PacSun website at pacsun.com through midnight on March 12, 2012.

Your speakers today are Gary Schoenfeld, Chief Executive Officer; and Michael Kaplan, Chief Financial Officer. [Operator Instructions]

Before I turn the call over to Gary, I'd like to note that statements and discussions during today's call will contain forward-looking information about our future financial performance and prospects. Our actual results could differ materially from those contained in our forward-looking statements. Risks and uncertainties that could cause our business and financial results to differ materially from those in the forward-looking statements are included in our fiscal 2010 Form 10-K and in subsequent filings we made with the SEC, as well as in the earnings press release we issued today.

These documents can also be found in the Investor Relations section on our website at pacsun.com. All information discussed on the call is as of today, December 7, 2011. Pacific Sunwear undertakes no duty to update this information to reflect future events or circumstances.

This call, the webcast and its replay are the property of Pacific Sunwear. It's not for rebroadcast or use by any other party without the prior written consent of PacSun. With that said, I'll now turn the call over to Gary.

Gary H. Schoenfeld

Thank you, Craig. Good afternoon, and thank you all for joining us on what we think is a pretty exciting afternoon for PacSun. For those of you that have had the chance to read our press release, you can see that we have quite a bit of information to share with you on this call. For those of you that haven't, let me start with the 4 key headlines and then get into more detail. I will speak more about the real estate and financing transactions, and Michael will comment more on Q3 performance and Q4 guidance.

Item one is our announcement that we will be closing nearly 200 underperforming stores by the end of next year. Approximately 75 of these are through buyouts of longer-term leases and 100 to 125 are through expirations or kick-outs.

Item two is we have secured a new $100 million credit facility with Wells Fargo Capital Finance and an additional $60 million senior secured term loan with Golden Gate Capital.

Item three is Q3 results and Q4 guidance. We had a minus 3% comp for Q3 and generally ended up at the higher end of our expectations. Our Q4 guidance includes a comp range of minus 3% to positive 2%, and Michael will get into more detail on both of those.

Item four is an announcement that the board has adopted a shareholder protection rights plan.

So it's quite a bit of information to cover between Michael and I. We'll look forward to then taking your questions once we get through our opening comments.

As I said in the release, the combination of our real estate negotiations and financing transactions greatly enhances our financial and operating position and represents another critical step forward in our turnaround of PacSun. In the 2 years that I've been here, we have aggressively gone after a number of key merchandising, field and operational initiatives to fix the business. We still have more to do to reestablish our brand identity and emotional connection with our customers, but I believe we are on the right path to make this happen.

As we discussed at our last call, it had become increasingly evident that in order for us to be successful, we needed to take further action to exit poor performing stores. As we stated in today's release, we have reached agreements with each of our top 5 landlords, as well as a number of other landlords across the country, the net result of which will be the exiting of nearly 200 underperforming stores by the end of fiscal 2012. These stores that we will be closing had average sales of $600,000 and a negative 9% comp over the last 12 months, compared to $1.1 million in sales and a minus 1% comp for the remaining 600 stores that we expect to be operating at the beginning of fiscal 2013.

We plan on reducing our real estate portfolio by approximately 87 stores by the end of fiscal 2011 and approximately 110 stores by the end of fiscal 2012. This would get us to a net store count of approximately 732 within the next 60 days and closer to about 620 by the end of fiscal 2012.

From a financial, operational and accounting perspective, let me clarify 5 key points as it relates to real estate as there's obviously a lot here. The first point is that by the end of next year, we will be within about 10% of our target of 550 to 600 stores, with average revenue on an LTM basis, as I've just said, for our going forward stores, of about $1.1 million and nearly flat comps. Importantly, this is a store base we believe we can win with as we appropriately focus our merchandising, staffing, localization and refresh efforts on these stores.

Second, upon exiting nearly 200 stores, if we look ahead to 2013 compared to our current year of 2011, the impact of these closures is estimated to be a decrease in revenues of $100 million to $125 million, yet a $10 million to $15 million improvement in EBITDA and a similar $10 million to $15 million improvement in cash on our balance sheet from a corresponding reduction in inventory.

Third, the total cash outlay for the 75 buyouts is $13 million, and we expect a one-year payback through a roughly 50-50 contribution from eliminating the four-wall cash losses from these stores and the recovery of working capital converting inventory to cash.

Fourth, while principally focused on closing underperforming stores, it was obviously equally important that we address renewals for our better stores that we'd have otherwise terminated within the same time frame. As I think you can appreciate, it's tough to aggressively negotiate terms for store closures on the one hand, and aggressive we were, and at the same time fairly negotiate 10-year renewals in the better malls. So what we proposed, and landlords generally agreed to, was 2-year extensions at flat rent for approximately 50 renewals, following which both they and us will better able to negotiate longer-term renewals.

Lastly, from an accounting perspective, Michael will get into more of the big details, but let me briefly explain. There our cash buyouts charges totaling $13 million incurred in Q3 and Q4 tied to final execution of landlord agreements, most of which falls in Q4. And separate from that, there are $4.4 million of noncash asset impairment charges associated with these same stores, more of which is charged in Q3, which is based upon our determination of the likelihood of getting these done, and the time period for that analysis is actually through the period of filing today's Q3 10-Q. Hence, more of the cash charge hits in Q4 and more of the noncash impairment charge falls in Q3.

Let me now turn to the second key item in the release: our new financings. In conjunction with restructuring our real estate portfolio, we completed a new 5-year $100 million revolving credit facility with Wells Fargo, which will replace our current revolving credit facility on largely the same terms. And we raised an additional $60 million of capital through a senior secured term loan with Golden Gate Capital.

In conjunction with the GGC's investment, they received preferred stock which has the option of converting into 13.5 million shares of common stock at an exercise price of $1.75, which represents a 33% premium to yesterday's closing price. Golden Gate is one of the preeminent private equity firms with a very successful track record of investing in turnarounds in retail and apparel, and through their preferred stock, will have an ownership stake in the company of approximately 17% on a fully diluted basis.

We are delighted to have an experienced group with the track record and reputation of Golden Gate and specifically to have 2 of their partners and operating partner, Josh Olshansky and Neale Attenborough, join our Board of Directors.

I will also mention that over the past several months and as part of our some of our discussions with Golden Gate, we have begun to do some refreshes to a few of our stores and modifications to our visual merchandising, the early results of which have been encouraging. Securing this additional capital will enable us to fund the lease terminations previously mentioned, make selective store refresh and technology investments and supplement any further near-term operational cash flow needs.

With respect to our Q3 results, we delivered sales comp at a minus 3% for Q3, which outperformed the better end of the guidance range we had forecasted. On a GAAP basis and including store closure-related costs of approximately $6.2 million, the company reported a net loss of $17.6 million or $0.26 per share compared to a net loss of $7 million or $0.11 per share for the third quarter of fiscal 2010.

On a non-GAAP basis, excluding store closure-related charges and assuming a normalized annual income tax rate of approximately 37%, the company's net loss for the third quarter is at the high end of our Q3 earnings guidance at approximately $7.1 million or $0.10 a share loss as compared to a net loss of $3.9 million or $0.06 per share for the same period a year ago.

Turning to the current fourth quarter. Like every other retailer, we are anxious to get into the next 3 weeks and the peak selling season for holiday. At present, our quarter-to-date sales trend is similar to the minus 3% comp that we experienced in Q3. Based upon strong Black Friday results and what we hope will prove to be a continued trend of holiday shopping kicking in a bit later each year, we are cautiously optimistic that we will see this trend improve over the quarter.

Item four in the release, is the adoption of a shareholder protection rights plan. As Pete Starrett, our Chairman commented, we believe this to be a prudent action on behalf of shareholders at this stage of our turnaround.

With that, let me finish my opening comments by saying that looking beyond this holiday season, I continue to believe we have an exciting opportunity ahead to reestablish PacSun as a favorite destination for great style and great brands. We are pleased with the significant progress in restructuring our real estate portfolio, securing a new revolving credit facility and obtaining additional financing from Golden Gate Capital, a respected strategic partner in support of our long-term turnaround strategy.

I would now like to turn the call over to Michael who will speak more to our Q3 results and Q4 guidance, including the financial statement impacts of the transactions that we've discussed.

Michael Kaplan

Thanks, Gary, and good afternoon, everyone. I will be providing an update on Q3 results, discussing some additional details associated with our financing transactions and then close with an update on our Q4 guidance.

Our fiscal 2011 third quarter financial results were as follows: total net sales were $242 million this year versus $258 million last year while same-store sales were a minus 3%. E-commerce sales continued to gain traction and grew at 12% in Q3 versus last year. We ended the quarter with 820 stores versus 877 a year ago.

Merchandise margins were flat versus last year, yet overall gross margins of approximately 24% in Q3 were 70 basis points below last year due to higher occupancy, buyings and distribution costs as a percentage of sales. Considering the level of promotional activity observed during back-to-school, we were pleased that our gross margin rate came in at the high end of our guidance range, which was 22% to 24%.

Actively managing our inventory levels continues to be a strategic focus for our business. As of the end of Q3, inventory is down approximately 8% in total compared to last year, which equates to a 2% reduction on a per-store basis.

Excluding $6.2 million of charges specifically related to our store-closing activity, $4.4 million of which were in asset impairments and $1.8 million in lease termination costs. SG&A expenses as a percentage of net sales in the third quarter would have been 28.5% as compared to 27.3% on a similar basis a year ago. SG&A expenses, including these charges, increased as a percentage of net sales to 31.1% as compared to 27.6% in the prior quarter.

We recorded an income tax benefit of $294,000 for the quarter, which reflects the continuing impact of the valuation allowance against our deferred tax assets. On a non-GAAP basis, excluding store closure-related charges and using a normalized annual income tax rate of approximately 37%, our net loss for the quarter was $7.1 million or a loss of $0.10 per share versus our non-GAAP guidance of a loss of $0.10 to $0.18 per share.

On a GAAP basis, our net loss for the quarter, which includes $6.2 million or $0.09 per share of charges specifically related to our store closure actions, was $17.6 million or a loss of $0.26 per share versus our guidance of a loss of $0.16 to $0.29 per share. Our prior GAAP guidance did not contemplate charges associated with store closure actions that were just recently announced.

We ended the quarter with $8.3 million in cash and no borrowing base debt on our current facility. However, subsequent to quarter end, we borrowed $20 million to fund temporary working capital needs. Also, subsequent to quarter end, we entered into a new 5-year asset-based credit facility with Wells Fargo, which includes a revolver with a borrowing base up to $100 million. The line is secured primarily by a first priority interest in our inventory on hand and other excess working capital and bears interest at a rate of 150 to 200 basis points over LIBOR.

We also secured a 5-year $60 million senior secured term loan with Golden Gate Capital. The term loan is secured by a second priority interest in our inventory and working capital, a first priority interest in most other assets other than real estate. The loan bears interest at a fixed rate of 13% per annum, consisting of 5.5% to be paid in cash due and payable quarterly in arrears and 7.5% paid in kind, due and payable annually in arrears.

Cash interest expense for 2012 is expected to be approximately $3 million. We are projecting to end fiscal '11 with a cash balance in excess of $50 million, net of paying back the $20 million borrowed on the credit facility.

Now let me shift gears and talk about our Q4 earnings guidance. We are encouraged by the progress reflected in our Black Friday and Cyber Monday results. However, we remain cautious for Q4 based on our minus 3% quarter-to-date sales comp. As a result, our sales comp guidance for Q4 is a minus 3% to a plus 2%. We are targeting our gross margin rate, including buying, occupancy and distribution costs, to be in the range of 18% to 21% versus 18% in Q4 of last year.

On a non-GAAP basis, excluding anticipated store closure-related charges of $10 million, primarily related to the lease buyouts, we expect SG&A expenses to be in the range of $71 million to $73 million. We expect SG&A expenses to be in the range of $81 million to $83 million on a GAAP basis.

On a non-GAAP basis, excluding store closure-related charges and assuming a normalized annual income tax rate of approximately 37%, this translates to a non-GAAP net loss range of $0.18 to $0.27 per share for the quarter compared with $0.33 per share last year. This translates to projected GAAP net loss range of $0.44 to $0.58 per share compared with $0.53 per share last year, including the continuing impact of having a very low tax provision.

Gary, I will now turn it back over to you for some final comments before we open it up for questions.

Gary H. Schoenfeld

So I'd like to finish briefly by recognizing some of the people that were critical to making this happen, and it starts with 2 in the room, Craig and Michael and their teams, without which this couldn't have happened. Second are our key landlords who obviously are a critical piece to supporting our new vision and to Emilio Amendola and Peter Lynch from DJM who helped facilitate numerous meetings and conversations across the country. And third, to Peter Comisar and his team at Guggenheim Securities who were instrumental in getting us together with Golden Gate Capital.

When Hillary Clinton said, "It takes a village," I'm not sure if she realized that this also applied to apparel retailing, but I wanted to express my sincere gratitude to each of them, as well as our key brand partners, our Board of Directors and the continued passion and energy of our entire organization.

With that, operator, if we can open to questions, please.

Question-and-Answer Session

Operator

[Operator Instructions] Your first question will come from the line of Adrienne Tennant with Janney Montgomery.

Brian Czenszak

This is Brian Czenszak calling on behalf of Adrienne. I just have a couple of questions. Could you provide some more details on some of the strategies that you guys have in place to help mitigate cost pressures? And then, I know on the 2Q call, you guys said that you've been able to hold your IMUs to offset the recent costs. Have you still been able to hold your IMUs or has that been maintained? Or have you had to pass on some of the costs to the customers, and if so, how much?

Gary H. Schoenfeld

Again, sorry, not a lot specifically to comment there. I mean, as you see, our merchandise margins in Q3 were flat with a year ago so it demonstrates what we said before, which is we've been able to take a number of steps to mitigate the cost pressure, and I think the results speak for themselves.

Brian Czenszak

Okay. And then, if I could just have a quick follow-up. As far as the competitive promotional environment that's out there right now, have you guys been able to see an effect of your promotions versus other's promotions? I know you said you're encouraged by Black Friday and Cyber Monday. Was there anything quantitative that you could expand on that or give some more color?

Gary H. Schoenfeld

I mean, as we stated in the release, we had a double-digit of positive comp on Black Friday that we were quite pleased with. And as I also said during my comments, we're eager to get into these next couple of weeks where a holiday is about to really kick in so we look forward to sharing with you what those results are.

Operator

Your next question will come from the line of Betty Chen with Wedbush Securities.

Betty Y. Chen - Wedbush Securities Inc., Research Division

I was wondering if you can speak a little bit to the Women's and Men's businesses, how were the comps by gender during the quarter? Any highlights that you can color in terms of product performance? And also, how do you feel about the inventory position with the 2 businesses? And then related to that, I was hoping you can also tell us what is the inventory level we should expect at the end of the fourth quarter as you certainly exited third quarter in a very healthy level.

Gary H. Schoenfeld

So as Michael stated, we continue to be very conscientious with respect to inventory. And inventory that reflects our sales plan for Q1, we're not going to comment on Q1 sales and therefore I'm not going to answer your question. But your expectation of us should be that we're managing inventory in line with sales expectation, and that we aren't -- we have no intentions of getting ahead of ourselves in that regard. As to your questions in terms of gender performance, in Q3, Men's was relatively flat, Women's was down about 5%. We saw a significant uptick in response to Women's, particularly on Black Friday and remain hopeful of Women's flipping into a positive comp here in Q4. And our denim business, which is one of our key franchises for the second half of the year, has been strong in both genders. The softness in Q4 has been -- certainly in seasonal categories where I think probably not dissimilar to other retailers, we all wouldn't mind a little bit of colder temperatures around the country.

Operator

Your next question will come from the line of Christine Chen with Needham.

Christine Chen - Needham & Company, LLC, Research Division

Wanted to ask, could you possibly share with us some of the metrics driving comp? I don't know if I missed that. I got connected late. Like AUR, traffic conversion. And then I'm wondering, aside from your differences in your top doors versus your bottom doors, are you seeing any regional differences or outlet versus regular mall differences in store performance?

Gary H. Schoenfeld

So we've seen -- it's certainly over Black Friday, we saw and I was quoted in Women's Wear Daily, where I really believe in the malls made a pretty good dent in claiming back Black Friday. So we saw probably the biggest variance that we've seen between core and outlet performance on Black Friday. And as far as geographic trends, the strongest part of our business in terms of comp has actually been in California so we're excited that we're starting to get that California customer back. And I would say those would be the 2 most significant things that we've seen.

Operator

Your next question will come from the line of David Griffith with Roth Capital Partners.

David E. Griffith - Roth Capital Partners, LLC, Research Division

Michael and Gary, I wonder if you could touch on the availability you have on your borrowing base for the $100 million revolver? And what kind of share count we should look for going forward, given some of the potential dilution? And then of the 87 stores by year end, are those all basically underperforming or did you have some to make some compromises given where the leases were?

Gary H. Schoenfeld

No, those -- these are underperforming stores. These are stores we want to get out of. In terms of the availability, we downsized the line, reflecting the downsizing in store bases and have substantial availability that approaches the size of the facility not entirely but certainly a substantial portion of that. Not going to get into the exact specifics on availability but it's a substantial part of the line, and we're pleased with how that worked out, importantly was having kind of the new 5-year extension that also matches the term loan with GGC.

David E. Griffith - Roth Capital Partners, LLC, Research Division

And then potential share count on a diluted basis?

Gary H. Schoenfeld

It doesn't change in the short term until the exercise. As I indicated, upon exercise, they have the right to purchase 13.5 million shares at $1.75 price. But until they do so, the share count is unchanged.

Operator

Your next question will come from the line of Marni Shapiro with The Retail Tracker.

Marni Shapiro - The Retail Tracker

But I did have a quick question. You guys have been very proactive in negotiating here with your landlords and obviously financiers. Could you talk about conversations you're having at the same level with the brands and your suppliers to make sure that you're still in the best products and getting goods timely at the best prices and getting the best products from the key vendors?

Gary H. Schoenfeld

Yes, I really feel good about relationships, both with our key brand partners and our suppliers on our proprietary products. And they've been critical to the progress we've made and recognize that we still got work to do to get ourselves back to profitability, and they continue to be very supportive of our efforts.

Marni Shapiro - The Retail Tracker

Is that true with suppliers as well as the branded people, both ways?

Gary H. Schoenfeld

Yes.

Operator

[Operator Instructions] Your next question will come from the line of Jeff Van Sinderen with B. Riley.

Jeffrey Wallin Van Sinderen - B. Riley & Co., LLC, Research Division

Gary, can you tell us, just clarify were you more or less promotional overall on Black Friday weekend this year? And then also have you planned to be more or less promotional overall for holiday? And then so far, are your promotions running on plan for holiday?

Gary H. Schoenfeld

So I think you'd be disappointed if I told you what we're doing for holidays so I'm not going to comment on the first part, I mean, on the second part. As to the first part, I'd say there was -- we were more promotion on Black Friday. But as we look at the overall growth and impact that we achieved Black Friday, it was clear particularly on the Women's side that she responded very well to product, and it was a lot of sell shoppers out there. And no question, promotion is very aggressive out there but we were quite pleased with the response that we saw at that time.

Jeffrey Wallin Van Sinderen - B. Riley & Co., LLC, Research Division

Okay. But then you also said, I think, that it's been generally soft since Black Friday. Do you just attribute that to the falloff, the general falloff in traffic or is there something else you're seeing?

Gary H. Schoenfeld

That's our presumption, that there's a general falloff. We anticipated that the significance and stuff because it's hard for us to know precisely. So as I said, we're cautiously optimistic that we're going to see some uptick. A bit of colder weather, as I say, wouldn't hurt either. And -- but I think we're all anxiously waiting for the real thrust of holiday shopping to kick in.

Jeffrey Wallin Van Sinderen - B. Riley & Co., LLC, Research Division

Okay. And then I think you also mentioned in your prepared comments that there was going to be significant EBITDA benefit from the store closures and so forth. Maybe you can just frame that for us in terms of how we think about the P&L for next year based on the number of stores you're closing. As I think you said $15 million or $15 million to $20 million, it's something like that. In other words, is $20 million in EBITDA feasible next year for the company all else being equal?

Gary H. Schoenfeld

I believe what I said is $10 million to $15 million improvement in 2013 compared to 2011 and not prepared to speak specifically to 2012. There's a lot of moving pieces as we exit stores between now and the end of fiscal 2012.

Operator

Your next question will come from the line of Andrew Burns with the D.A. Davidson.

Andrew Burns - D.A. Davidson & Co., Research Division

A few questions just in terms of the store closures. Is there any geographic region, particularly hard-hit types of stores in terms of whether they're in A, B, C malls? And then the flow of closures through 2012, is it front-end loaded, back-end loaded?

Gary H. Schoenfeld

So short answer to the first part is no, there's not really a difference in geographic variation, but yes, they are largely stores that are in lower-performing malls in general. And in terms of timing, very high percentage of our store closures are tied to fiscal year end. So what we referenced for closures this year are, for the most part, end of January. And as we talked about closures in fiscal 2012, you can rightfully assume that most all of those are at the end of the fiscal year.

Operator

Your next question will come from the line of Erinn Murphy with Piper Jaffray.

Erinn E. Murphy - Piper Jaffray Companies, Research Division

This is Erinn on for Jeff Klinefelter. Just one question with respect to some of the new concepts or kind of the updates you're doing to a handful of stores. Could you speak to maybe any categories you may be emphasizing in those, or kind of what you're finding? I realize it's still early but what you're finding from a consumer perspective, if it's a different demographic, if it's just kind of how that consumer is choosing to spend time within the store. And then second to that, I believe at the end of the second quarter call, you spoke to some of the initiatives you're doing with mobile checkout with iPads in about 300 of your stores. Has that initiative been launched and kind of how is that trending?

Gary H. Schoenfeld

Yes, the iPads in stores, we've been very pleased with. As I think you can appreciate, when we look at in expenditures and investments, it's with a pretty careful eye, and the results of that has exceeded our expectations in the first 5 or 6 months. As to the first part, we're just in the early phases of looking at refreshes in stores and just enhancing the overall visual merchandising and experience of PacSun. And as we've done some things in a handful of stores, the early results are encouraging but still early for us to discuss in a lot more detail beyond that. But I look forward to having Golden Gate involved and having some more financial flexibility to continue to pursue that.

Operator

Your next question will come from the line of Lee Giordano with Imperial Capital.

Lee J. Giordano - Imperial Capital, LLC, Research Division

I was wondering if you could talk more about your marketing strategy and how that is evolving? And with the new financial flexibility, will you be investing more in marketing going forward?

Gary H. Schoenfeld

So we do continue to recognize that part of our turnaround is getting people excited again about PacSun and what our brand means and strengthening that emotional connection. I'm not going to get into more detail on this call in terms of what we see that going forward. I think you get a taste of it when you go in our stores this holiday season. And who the customer is, that older teen, early 20 customer, the lifestyle and mix of great style and great brands, I think, begins to come across when you go in our stores right now. But we do have, I think, some exciting initiatives and a clear direction as we look forward. But I'm going to hold off for the moment on being any more specific other than to say from a marketing spend standpoint, we still are quite cognizant of our need to get to a positive EBITDA and we'll continue to be pretty disciplined in our spending.

Operator

And there are no further questions at this time.

Gary H. Schoenfeld

Well, great. Thank you, all, for your interest. I wish you all a happy holidays, and we'll look forward to sharing more with you in the New Year. Thank you very much.

Operator

Ladies and gentlemen, thank you for your participation in today's conference call. You may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Pacific Sunwear of California's CEO Discusses Q3 2011 Results - Earnings Call Transcript
This Transcript
All Transcripts