Pacific Sunwear Sees 33% Drop in Profit

Pacific Sunwear of California Inc., which sells casual apparel, accessories and footwear, posted a 33% drop in profit in the last fiscal year while sales rose 32%.

Net income fell to $2.6 million, or 49 cents a share, for the fiscal year ended Feb. 2, from $3.9 million, or 72 cents a share, for the previous year. Sales rose to $112.9 million from $85.3 million. For the fourth quarter net income increased 13% to $1.7 million, or 32 cents a share, from $1.5 million, or 28 cents a share, for the year-earlier period. Sales surged 43% to a record $36.4 million from $25.4 million.

The company opened four new stores in the fourth quarter of fiscal 1995 and 55 new stores for the year.