Pacific Sunwear has reported their financial results for its quarter ending July 30, 2011 and guess what? They lost $19.3 million. Of course, they’re pitching this as a good thing because they loss less than they lost last year at this time, and they beat analysts’ forecasts. In other “good” news, while total sales fell, sales at stores open longer than a year were actually up one percent, according to a story on Forbes.
“Until recently we had expected this positive momentum to continue, yet we are now more cautious in our near-term outlook due to a combination of factors including macroeconomic pressure, along with a highly promotional start to the back-to-school season,” said President and CEO Gary Schoenfeld.
Losing less is good. Just give Mr. Schoenfeld a few more years and things will probably get right back on track. Or maybe he just loves hitting two-year stock price lows.
