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Pacific Sunwear turns in mixed quarter, guidance weak

  • Pacific Sunwear (PSUN) — which some expected might benefit from a shift in fashion trends towards the so-called "California lifestyle" — puts up a mixed quarter.
  • Revenue rose 9% in Q2 and the company showed a non-GAAP profit, although excluding the 53rd calendar week, PSUN apparently would have shown a penny per share loss: "The 53rd week retail calendar shift contributed approximately $0.03 per share of the $0.12 per diluted share improvement compared to last year."
  • The retailer did at least manage to grow same-store sales (+3%) for the period which is more than you can say for some beleaguered apparel companies. PSUN has posted positive comps for six consecutive quarters. (PR)
  • Q3 outlook: Non-GAAP loss of between $0.04 to $0.09 per share versus consensus of $0.00. Revenue of $202-209M against consensus of $214.76M. Comps growth of between -1% and +3%.
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