Pacific Sunwear 1st-Quarter Net Income Up 45%
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Pacific Sunwear of California Inc.: The Anaheim retailer of casual apparel, accessories and footwear reported record first-quarter net income of $5.8 million, or 18 cents a share, matching analysts’ expectations.
Net income was 45% higher than the $4 million, or 13 cents a share, posted for the first quarter last year. Sales for the quarter ended April 30 increased 38% to $112.6 million.
Sales at stores open at least a year, a key indicator of performance in the industry, rose 7%.
The company said it plans to open 130 new stores and relocate or expand about 31 of its most productive stores, increasing store square footage 38%.
Pacific Sunwear currently operates 507 stores in 48 states--421 PacSun stores, 34 PacSun outlet stores and 52 d.e.m.o. stores.
The company announced the first-quarter results Monday after the closing of trading in U.S. markets. The stock fell 81 cents a share to $25.19 on the Nasdaq market.
The shares had tumbled 26% last Tuesday after the retailer said sales in April rose less than expected.
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