Pacific Sunwear to Meet Expectations

Pacific Sunwear of California Inc. said Thursday it expects to meet analysts’ lowered expectations for the third quarter after logging improved sales in September and October.

The Anaheim-based retailer of casual clothing for teens and young adults said it expects earnings of 38 cents to 39 cents a share for the quarter ended Oct. 31. A First Call/Thomson Financial survey of 18 analysts predicted third quarter earnings of 38 cents a share.

In the same quarter last year, Pacific Sunwear earned $12.3 million, or 38 cents a share.

At the end of August, the company warned that sluggish sales that month might cause its quarterly profit to be less than the 46 cents a share that analysts then expected.

Third quarter sales were $163.7 million, up 32% over sales of $124 million in the year earlier period. Same store sales, a key industry indicator, rose 3.3%.

The stock rose $2.25, or 10.8%, to $23 a share, in Nasdaq trading.