PSUN Reports March SSS Increase 7.6 Percent Total Sales Rise 34%
ANAHEIM, Calif.--(BUSINESS WIRE)--April 8, 1999--Pacific Sunwear of California Inc. (Nasdaq:PSUN - news) Thursday reported sales of $33.8 million for the five-week period ended April 4, 1999, an increase of 34 percent over sales of $25.2 million for the comparable five-week period ended April 5, 1998.
Same-store sales increased 7.6 percent for the period.
Pacific Sunwear's fiscal March (five weeks ended April 4) includes Easter Sunday, April 4, when all but three of the company's stores were closed, which reduced same-store sales by four percentage points for the period. The company's reporting periods end on Sunday, compared with Saturday for nearly all other public retailers.
Conversely, the company will benefit in the April 1999 reporting period because nearly all the company's stores were closed on April 12, 1998, for Easter.
Total sales for the first nine weeks of fiscal 1999 were $52.9 million, an increase of 34 percent over sales of $39.4 million for the same period of fiscal 1998. Same-store sales increased 8 percent for the first nine weeks of fiscal 1999.
''Spring is off to a very good start,'' said Greg Weaver, chairman and chief executive officer. ''We are pleased with our spring merchandise direction and the tone of business. We achieved positive same-store sales in March in all our key businesses. We are on schedule with our new store opening plans of 29 stores in the first quarter and 35 in the second quarter.
''We have now completed leasing for the 108 total new stores we expect to open in 1999. Our d.e.m.o. stores continue to exceed our expectations with the first year average sales trends now expected to exceed $850,000, which equates to sales per square foot of approximately $400. We are increasingly confident about this new concept,'' concluded Weaver.
Pacific Sunwear is a leading specialty retailer of everyday casual apparel, accessories and footwear designed to meet the needs of active teens and young adults. The company currently operates 324 Pacific Sunwear stores, 11 Pacific Sunwear outlet stores and 18 d.e.m.o. stores for a total of 353 stores in 43 states. Pacific Sunwear's Web site address is www.pacificsunwear.com.
biz.yahoo.com |
