Pacific Sunwear Swings to 2Q Profit
Anaheim, Calif. Pacific Sunwear of California Inc. said Thursday that it swung to a fiscal second-quarter profit on stronger sales and a smaller loss from discontinued operations. The company posted a profit of $2.8 million compared with a loss of $10.5 million a year ago.
Results from continuing operations totaled $3.7 million compared with $9.3 million in the prior-year quarter.
The loss from discontinued operations for the quarter was $912,000, compared with a loss of $19.8 million in the prior year.
Sales rose to $312.7 million from $311.8 million. Same-store sales declined 1% during the quarter.
“Although our earnings for the second quarter were in line with our expectations, our results continue to reflect the impact of a weakening economy on the retail sector,” CEO Sally Frame Kasaks said in a statement.
Barnes & Noble 2Q sales down 1.6%
NEW YORK Barnes & Noble reported that sales for the second quarter decreased 1.6% to $1.2 billion. Barnes & Noble store sales decreased 1.6% to $1.1 billion, with comparable-store sales decreasing 4.7% for the quarter. Barnes & Noble.com sales were $99.8 million for the quarter, a 3.6% comparable sales increase.
Second quarter net earnings were $15.4 million or 27 cents per share.
For the third quarter, the company expects comparable-store sales at Barnes & Noble stores to decline in the low single digits. Barnes & Noble Inc.’s third quarter loss per share is expected to be in a range of 10 cents to 15 cents.
Based on first-half 2008 sales performance and current trends, the company is reducing its full-year comparable store sales guidance from slightly negative to a decrease in the low single digits. Although the company is reducing full-year sales guidance, the company is reiterating full-year earnings per share guidance to be in a range of $1.70 to $1.90.
Wyatt named president of Old Navy
SAN FRANCISCO Gap Inc. announced that Tom Wyatt has been named president of its Old Navy division, effective immediately. Wyatt, a 30-year retail veteran, has been serving as interim president of the retailer since February.
In his first actions as brand president, Wyatt made several changes to his senior management team, effective immediately, including announcing the departure of merchandising evp Sheryl Clark.
Wyatt joined Gap Inc. in early 2006, and previously served as president of the company’s Outlet division until he joined Old Navy this year. His 30 years of retail experience include: serving as president and ceo of a mid-size athletic apparel company; president of Warnaco Intimate Apparel; and a senior executive within the Saks family of companies.