Anaheim, Calif. — Pacific Sunwear of California announced that net sales for the first quarter of fiscal 2011 were $186 million, a decrease of 2% from net sales of $190 million for the first quarter of fiscal 2010. Total company same-store sales increased 1% during the first quarter of fiscal 2011.
The company reported a net loss of $31 million, or 48 cents per share, for the first quarter of fiscal 2011 compared to a net loss of $31 million, or 47 cents per share, for the first quarter of fiscal 2010.
"Getting back to a positive comp is certainly an important step in the turnaround of our business," said Gary Schoenfeld, president and CEO. "As our new team comes together, we have initiated a number of important changes in merchandising, marketing and in-store experience that customers are beginning to respond to."
For the second quarter of 2011, the company expects a net loss on a GAAP basis of 36 cents to 46 cents.