Can't believe you folks with all the high powered equipment didn't get the news out yesterday afternoon!
Pacific Sunwear's First Quarter Earnings Rise 157 Percent; Also
Announces Accelerated 1998 Expansion
Tuesday, May 12, 1998 04:01 PM
ANAHEIM, Calif.--(BUSINESS WIRE)--May 12, 1998--Pacific Sunwear of California Inc. (Nasdaq: PSUN) Tuesday reported record results for the first quarter ended May 3, 1998.
The company also announced plans to open a total of 70 new stores for the year, an increase of 10 stores over the previously announced 60 new stores.
Net income for the first quarter was $2.9 million, or 21 cents per share, basic and 20 cents per share, diluted, compared with $1.1 million, or 9 cents per share, basic and 9 cents per share, diluted, for the first quarter of fiscal 1997. Sales for the first quarter ended May 3, 1998 were $61.2 million, an increase of 57 percent over sales of $38.9 million for the first quarter of fiscal
1997. Same store sales increased 15 percent for the first quarter ended May 3, 1998. (All references to shares and per share amounts reflect a 3-for-2 stock split effected on Oct. 9, 1997.)
"I'm very pleased with our record first quarter results, which has, historically, been our least profitable quarter. The results reflect excellent top line and same store sales, better gross margins and leverage of store occupancy," said Greg Weaver, chairman of the board and chief executive officer.
"During 1998 we plan to open a total of 70 new stores and relocate or expand 15 of our most productive stores which equates to a 34 percent increase in store square footage for the year. Included in the additional new stores are the company's second and third non-mall stores, which will be located on Colorado Boulevard in Pasadena, California and The Shops at Sunset in South Miami, Florida. Both stores are expected to open in the Fall of 1998."
Hope this gives a pop to our little darling!
Byelow |
