Pacific Sunwear reported numbers today (March 13, 2012) for their fourth quarter and things are not looking good according to a story on CBS News.
Net loss for the three months ended Jan. 28 widened to $38.1 million, or 56 cents per share. That compares with a net loss of $35.2 million, or 53 cents per share. Excluding a cost for issuing convertible stock and store closing charges, net loss would have been 19 cents per share. Analysts expected a loss of 22 cents per share, according to FactSet.
For the year Pac Sun lost $106.4 million compared to $96.6 million last year. The closed 87 stores during the quarter and yet CEO Gary Schoenfeld says “sales trends improved as the holiday season progressed.” And yet they’re still buying full spread print ads in Surfer Magazine. One wonders how long this can go on. The stock was down 15.94 percent in after-hours trading.
[Link: CBS News]
