Pacific Sunwear rises on Q3 top-line beat; sees comps momentum in Q4

Pacific Sunwear (PSUN +15.2%) shares are up sharply after the company beat expectations on the top-line in Q3 and forecast comps momentum to continue in Q4. A string of other retailer misses may also be buoying the market's reaction.

Comparable store sales grew 1% Y/Y. The company ended the quarter with 635 stores, a 13.4% Y/Y decline.

Gross margin of 25.0% fell 300 bp from Q3 2012.

Management guides for Q4 revenue of $216M-$225M (vs. consensus of $218.7M) on comps of 1% to 5% and EPS of -$0.17 to -$0.12 (-$0.11).

PR, conference call (transcript)

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