Casual clothing retailer Pacific Sunwear of California Inc. posted record net income for the third fiscal quarter on a 38% gain in sales.
But the company's stock fell $1.25 per share, closing at $25.50 on the Nasdaq market.
The company reported that net income for the quarter ended Nov. 3 more than doubled to $2.7 million, or 33 cents a share, from $1.3 million, or 17 cents a share, for the third quarter of 1995. Sales increased to $43.2 million from $31.4 million. Net income for the first nine months was $4.1 million, or 49 cents a share, compared with net income of $923,000, or 12 cents a share, for the like 1995 period. Sales were up 38% to $105.5 million from $76.5 million.
Pacific Sunwear said same-store sales, a key indicator, increased 23% in the third quarter and same-store sales for the first nine months of 1996 increased 14% compared with a year ago.