Pacific Sunwear reports decline in Q1 net sales

Pacific Sunwear of California announced that net sales for the first quarter of fiscal 2015 ended May 2, 2015, were 166.5 million dollars versus net sales of 171.1 million dollars for the first quarter of fiscal 2014 ended May 3, 2014. Comparable store sales for the first quarter decreased 2 percent. The company ended the quarter with 605 stores versus 618 stores a year ago.

On a GAAP basis, the company reported a net loss of 3.5 million dollars, or 0.05 dollars on a diluted per share basis for the first quarter, compared to a net loss of 10.4 million dollars or 0.15 dollars per diluted share for the first quarter of fiscal 2014.

"Continued increases in merchandise margins offset our first quarterly negative sales comp in more than three years," said Gary H. Schoenfeld, President and Chief Executive Officer, adding, "Some key categories including shorts and non-apparel have underperformed, which is also reflected in our near-term outlook for the second quarter. "

The company's guidance range for the second quarter of fiscal 2015 contemplates a non-GAAP net loss income per diluted share of between 0.05 dollars and 0.01 dollars, compared to 0.03 dollars in the second quarter of fiscal 2014. Comparable store sales are expected from below 4 percent to flat and net sales of 201 million dollars to 209 million dollars.