Pacific Sunwear Posts Record Results on 38% Rise in Sales

Casual clothing retailer Pacific Sunwear of California Inc. posted record earnings for the fiscal year on a 38% gain in sales.

Net income for the year ended Feb. 2 rose to $7.4 million, or 89 cents a share, from $2.6 million, or 33 cents a share, for the prior year. Sales totaled $155.3 million, up from $112.9 million. Net income for the fourth quarter doubled, to $3.4 million, or 40 cents a share, from $1.7 million, or 21 cents a share, for the fourth quarter a year ago. Sales increased 37%, to $49.8 million from $36.4 million. Same-store sales for the fourth quarter increased 19%.