Anaheim, Calif. – Pacific Sunwear experienced explosive growth in net income during the third quarter of fiscal 2013, skyrocketing to $17.2 million from $948,000.
Net sales fell 4% to $206.6 million from $215.5 million, while same-store sales grew 1%.
Pacific Sunwear attributed most of the net sales decline to the loss of a week in the third quarter of this fiscal year compared to the previous fiscal year. One-time, non-cash gains relating to derivative liability and store closure related charges produced the substantial growth in net income. For the fourth quarter of fiscal 2013, Pacific Sunwear forecasts revenue from $216 million to $225 million and a same-store sales increase of 1 to 5%.
“As we transition into the peak holiday season, we have had a strong start in November with comparable store sales up 6% driven by a number of factors including: strength in our emerging brands and unique product assortment, colder weather, and strong Black Friday performance,” said Gary H. Schoenfeld, president and CEO. “Overall, we believe our results continue to validate the unique positioning we are establishing for PacSun as we strive to become the leading specialty retailer for great brands and on-trend fashion and fashion basics."