PacSun: 3 Percent Increase for 2nd Quarter
It’s been tough for teen retailers recently, but Pacific Sunwear of California Inc. broke from the pack when it announced Aug. 29 positive same-store sales for the second quarter of its 2013 fiscal year.
The Anaheim, Calif.–based retailer reported that its same-store sales increased 3 percent. Net sales for its continuing operations for its second quarter were $215.2 million, compared with net sales of $197.3 million last year. PacSun maintains a fleet of 637 stores.
Gary H. Schoenfeld, PacSun’s president and chief executive officer, said the report marked the sixth consecutive quarter of positive same-store sales and higher margins. “We’re seeing a validation of the strategy of what our team is trying to deliver,” Schoenfeld said.
The strategy featured offering popular brands and products infused with California lifestyle, as well as maximizing its speed-to-market capabilities.
The quarter did have some weak performances. Men’s denim business was down, and PacSun did close 10 stores during the quarter as part of an effort to cut down the retailer’s sprawling store fleet, which once numbered 1,000 doors.
For its third quarter, PacSun gave guidance for its same-store sales that ranged from a decline of 1 percent to an increase of 3 percent.