Pacific Sunwear Profit Falls 29% as Same-Store Sales Dip

Casual-apparel retailer Pacific Sunwear of California Inc., citing weak sales of men’s clothing, reported Monday that net income fell 29% in the fiscal third quarter.

The Anaheim company earned $8.9 million, or 27 cents a share, for the three months ended Nov. 4, down from $12.5 million, or 39cents, a year earlier. That beat analysts’ estimates of 26 cents a share, which had been lowered after the company warned last month that its results would be below expectations.

Sales rose 12% to $183 million, but sales at stores open at least a year fell 2.2%, the company said. Same-store sales are an important measure of a retailer’s performance because they exclude results from new and closed locations.

The company said selling, general and administrative expenses rose to 25% of sales from 21% a year earlier.

The results were announced after the close of regular U.S. trading. The stock closed at $17.09, off 46 cents a share, on Nasdaq.

Other Southern California earnings, excluding one-time gains or charges unless noted:

* ARV Assisted Living Inc., a Costa Mesa operator of assisted-living facilities, reported a net loss in the third quarter of $739,000, or 4cents a share, compared with a year-earlier net loss of $1.6 million, or 9 cents. Revenue rose 7% to $36.7 million.

* Chicago Pizza & Brewery Inc., a Huntington Beach operator of casual-dining restaurants, said net income for the third quarter totaled $863,000, or 7 cents a share, up 10% from $784,000, or 10 cents, a year ago. Revenue increased 12% to $16.6 million.