Pacific Sunwear reports decline in Q3 net sales

Pacific Sunwear of California has said that its net sales for the third quarter of fiscal 2015 ended October 31, 2015, were 205.9 million dollars versus net sales of 212.3 million dollars for the third quarter of fiscal 2014 ended November 1, 2014. Comparable store sales for the third quarter of fiscal 2015 decreased 3 percent.

“We have been encouraged by improving trends over the past 90 days leading to Q3 results at the high-end of our guidance, an 11 percent comp on Black Friday and a 1 percent comp for November,” said Gary H. Schoenfeld, President and Chief Executive Officer, adding, “While there is no shortage of challenges still to overcome, we believe that our best brands, great style positioning is creating something distinctly relevant amidst a very crowded marketplace.”

Third quarter GAAP net loss widens

On a GAAP basis, the Company reported a net loss of 3.4 million dollars, or 0.05 dollar per diluted share for the third quarter of fiscal 2015, compared to a net loss of 0.5 million dollars, or 0.01 dollar per diluted share for the third quarter of fiscal 2014.

The company ended the third quarter of fiscal 2015 with 611 stores versus 620 stores a year ago.

Financial outlook for fourth quarter

The company's guidance range for the fourth quarter of fiscal 2015 contemplates a non-GAAP net loss per diluted share of between 0.14 dollar and 0.04 dollar, compared to 0.10 dollar in the fourth quarter of fiscal 2014. The forecasted fourth quarter non-GAAP net loss per diluted share guidance range is based on the assumptions that comparable store sales would be from -3 percent to 3 percent; net sales from 223 million dollars to 237 million dollars and gross margin rate, including buying, distribution and occupancy, of 24 percent to 26 percent.