Pacific Sunwear Reports 46% Profit Surge

Pacific Sunwear of California Inc., Anaheim-based retailer of casual clothing, reported record second-quarter results that surpassed analysts’ expectations.

Net income for the three months ended Aug. 1 increased 46% to $7.3 million, or 23 cents a share, from $5 million, or 15 cents a share, for the second quarter of fiscal 1998. Analysts had anticipated earnings of 21 cents a share for the most recent quarter, according to a First Call Corp. survey.

Sales rose 37% to $100.5 million. Sales at stores open at least a year, a key industry indicator, advanced 7%.

The financial results were released after U.S. markets closed. Pacific Sunwear’s stock reached a 52-week high of $26.88 during trading Monday but retreated to close at $24.38 a share, off $1.25 for the day.