Quarterly Net Income Soars 72% at Pacific Sunwear of California

Pacific Sunwear of California Inc., an Anaheim-based retailer of casual clothing, reported record results for the second quarter ended Aug. 2.

Net income rose 72% to $5 million, or 23 cents a share, from $2.9 million, or 14 cents a share, for the second quarter a year ago. Sales gained 52% to $73.2 million from $48.3 million. Same-store sales, a key measure of performance in the industry, increased 13%.

Net income for the first half nearly doubled to $7.9 million, or 36 cents a share, from $4 million, or 20 cents a share, for the first half of fiscal 1997. Sales advanced 54% to $134.4 million from $87.3 million. Same store sales increased 14%.

The company said it plans to open 32 stores in the second half of the year, which will increase its total to 70 new stores for the year. Pacific Sunwear currently operates 313 stores in 40 states.