Jul 22, 2009
Pacific Sunwear widens second quarter loss view, shares fall
Jul 22, 2009
July 22 (Reuters) - Teen-clothing retailer Pacific Sunwear of California Inc (PSUN.O) widened its second-quarter loss outlook, weighed down by increased charges and a bigger-than-expected drop in same-store sales, sending its shares tumbling 12 percent in trading after the bell.
Pacific Sunwear for girls
Pacific Sunwear expects to post a loss of 22 cents a share to 24 cents a share in the quarter, compared with its earlier view of a loss of 11 cents a share to 17 cents a share.
The Anaheim, California-based company sees a same-store sales drop of about 24 percent in the second quarter, compared with its prior view of a decline of 17 percent to 20 percent.
Pacific Sunwear also said non-cash, store asset impairment charges will be 2 cents a share more than its previous estimate.
Many apparel retailers have struggled as customers hold off on buying clothes and accessories, or look for heavy discounts.
Shares of Pacific Sunwear were trading down 40 cents at $3.00 in trading after the bell. They closed at $3.40 Wednesday 22 July on Nasdaq. (Reporting by Mihir Dalal in Bangalore; Editing by Anne Pallivathuckal)
© Thomson Reuters 2023 All rights reserved.