To: Wolf 2 who wrote (622 ) 11/10/1998 4:39:00 PM From: E. Graphs Read Replies (2) | Respond to of 1622
Pacific Sunwear's Third Quarter Earnings Increase 40% to $8.1 Million Pacific Sunwear Q3 Dil Shr $0.38 Vs $0.27 >>ANAHEIM, Calif.--(BUSINESS WIRE)--Nov. 10, 1998--Pacific Sunwear of California Inc. (Nasdaq: PSUN - news) Tuesday reported record results for the third quarter ended Nov. 1, 1998. >>Net income for the third quarter was $8.1 million, or $0.39 per share, basic, and $0.38 per share, diluted, compared with $5.8 million, or $0.28 per share, basic, and $0.27 per share, diluted, for the third quarter of fiscal 1997. >>Sales for the third quarter ended Nov. 1, 1998 were $91.8 million, an increase of 41 percent over sales of $65.3 million for the third quarter of fiscal 1997. Same store sales increased 8 percent for the third quarter of fiscal 1998. >>''I'm very pleased with our record third quarter results, which reflect strong top line and same store sales growth, excellent gross margins and substantial leverage of our general and administrative expenses,'' said Greg Weaver, chairman of the board and chief executive officer. >>''During the fourth quarter of 1998, we plan to open six new stores for a total of approximately 70 net new stores for 1998 and end the year with approximately 342 stores in operation. In 1999, we expect to increase our square footage by 36% by adding 100 new stores and end the year with approximately 442 stores in operation. To date, we have leased nearly 70% of the 100 new stores,'' concluded Weaver. >>Net income for the first nine months of fiscal 1998 increased 63% to $16.0 million, or $0.77 per share, basic, and $0.74 per share, diluted compared with $9.8 million, or $0.51 per share, basic, and $0.49 per share, diluted, for the first nine months of fiscal 1997. Sales for the first nine months of fiscal 1998 were $226.1 million, an increase of 48 percent over sales of $152.6 million for the first nine months of fiscal 1997. Same store sales increased 11 percent for the first nine months of fiscal 1998. (All references to shares and per share amounts reflect two 3-for-2 stock splits effected on Oct. 9, 1997 and June 8, 1998.) >>Pacific Sunwear is a leading mall-based specialty retailer of everyday casual apparel, accessories and footwear designed to meet the needs of active teens and young adults. The company currently operates 313 Pacific Sunwear stores, 8 Pacific Sunwear Outlet stores and 15 d.e.m.o. stores for a total of 336 stores in 42 states. Pacific Sunwear's Web site is at pacificsunwear.com . >>Pacific Sunwear of California Inc. releases are available on Pacific Sunwear's Corporate News on the Net site at businesswire.com ;