Pacific Sunwear to Meet Expectations
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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.
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