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By
Reuters
Published
Mar 14, 2010
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PacSun fourth quarter tops Street, weak first quarter view drags on shares

By
Reuters
Published
Mar 14, 2010

March 11 (Reuters) - Teen-clothing retailer Pacific Sunwear of California Inc (PSUN.O) posted a smaller-than-expected fourth-quarter loss, but forecast a weak first quarter, sending its shares down 9 percent after the bell.


Pacific Sunwear for girls

For the first quarter, the Anaheim, California-based company expects an adjusted loss between 32 cents to 38 cents a share, while analysts were expecting a loss of 14 cents a share.

In the fourth quarter, PacSun lost $36 million, or 56 cents a share, compared with $27 million, or 42 cents a share, in the last year.

However, on an adjusted basis, the company lost 26 cents a share.

Revenue fell 17 percent to 293 million.

Analysts, on average, were expecting the company to post a loss of 29 cents, on revenue of $277.4 million.

Shares of the company were trading down at $5.06 after market. They had closed at $5.75 Thursday 11 March on Nasdaq. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Jarshad Kakkrakandy)

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