Pacific Sunwear Reports Best Quarter, Steps Up Expansion

Pacific Sunwear of California Inc. reported record results for the first quarter ended May 3, and said it has stepped up its expansion plans for the year.

The Anaheim retailer of casual wear said net income rose to $2.9 million, or 20 cents a share, from $1.1 million, or 9 cents a share, for the first quarter of fiscal 1997. Sales increased 57% to $61.2 million from $38.9 million. Same store sales increased 15%.

The company said it would open 70 new stores for the year, an increase of 10 stores from its previous expansion plans.