Also strong sales reported so far in June!
Pacific Sunwear rises on e-commerce, sales
NEW YORK, June 18 (Reuters) -
>>Pacific Sunwear of California Inc. shares rose 3 points after it debuted an new Internet site and that its sales so far in June are strong, Robinson-Humphrey Managing Director Dan Wewer said.
The Anaheim, Calif.-based retailer of surfing fashions is showing same-store sales growth of at least 5 percent, which compares favorably to rival Wet Seal Inc.'s (Nasdaq:WTSLA - news) results, Wewer said.
Also, Pacific Sunwear's website, pacsun.com, is producing a sales ticket price that is in excess of the average sales ticket of $40 at its more than 350 stores, Wewer said. The website has been open for two days.
The stock gained 3 points to 35-3/8.
Wewer has a short-term and long-term buy on the company and a price target of $50 a share. He is expecting the company to report second quarter earnings of $0.30 a share for the period ending July, compared with $0.23 a share last year.
Pacific Sunwear is expected to earn $1.45 a share for the year ending January 200, according to First Call.
For the year ending January 2001, the company should earn about $1.85 a share, Wewer said.
Pacific Sunwear is increasing its store base and its square footage should increase in 1999 by 40 percent, Wewer said.<<
Now.....off to the pool........yes!
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