Pacific Sunwear Q4 net loss widens
Anaheim, Calif. — Pacific Sunwear of Calif. Inc. reported Tuesday that its loss for the quarter ended Jan. 28 widened to $38.1 million, compared with a net loss of $35.2 million a year earlier. Sales dipped 1% to $234.2 million from $237.6 million, missing Wall Street’s expected revenue of $245.9 million.
PacSun has been in the throes of a right-sizing effort, working to build sales while closing underperforming stores. The company closed 87 stores during fourth quarter and ended fiscal 2011 with 733 stores.
“We remain focused on the key merchandising, in-store and digital initiatives that we believe are critical to successfully rebuilding the PacSun brand and our position in the marketplace," said Gary Schoenfeld, president and CEO.
For the full year, PacSun’s loss widened to $106.4 million, from a loss of $96.6 million in 2011. Revenue was essentially flat at $833.8 million.
GoldMax plans 100 new stores in 2012
Schaumburg, Ill. — GoldMax USA, which specializes in buying gold and precious metals from consumers, announced Tuesday that it plans to open up to 100 new stores in the United States in 2012, adding to its current 200+ store total.
The retailer debuted in Texas with the recent opening of two stores in the Dallas–Fort Worth metropolitan area, and another two will open in the next 30 to 60 days.
GoldMax opened its first Minnesota store (in Roseville) as well, and is under way with a new store at the Mall of America in Bloomington.
"People of all ages and economic backgrounds are rummaging through their jewelry boxes, closets and drawers, attics or basements and garages looking for unwanted items to sell," said GoldMax co-founder Jordan Sadoff.
Ad page increase grew at slower pace than effectiveness
The 7% same-store sales increase Target reported in February was achieved with only a slight bump in promotional activity, according to the latest monthly data from research firm Market Track. Conversely, the number of ad pages that such competitors as Walmart and Kmart ran increased at twice the rate as Target, while Kohl’s and Macy’s declined. To view Market Track’s recap of February promotional activity at Target and other top retailers, click here.