Quarterly, Yearly Profits Set Record at Pacific Sunwear

Anaheim-based casual clothing retailer Pacific Sunwear of California Inc. posted record results for the fiscal fourth quarter and year.

The company also said it formed a subsidiary to help start an Internet site this summer to sell its apparel.

Net income for the three months ended Jan. 31 rose 14% to $7.5 million, or 36 cents a share, from $6.6 million, or 31 cents a share, for the fourth quarter a year earlier. Analysts had estimated quarterly earnings of 34 cents per share, according to a First Call survey.

Sales totaled $95 million, up 28% over $74.5 million. Sales of stores open at least a year, a key industry performance indicator, increased 3%, the company reported.

For the year, net income rose 43% to $23.5 million, or $1.09 a share, from $16.4 million, or 80 cents a share, for fiscal 1997. Sales climbed 41% to $321.1 million from $227.1 million. Same store sales were up 9%.

The company’s stock on Wednesday rose 6.8%, or $2.06 a share, to $32.06. Volume totaled 1.9 million shares, more than twice the daily average over the last three months.