Pacific Sunwear Of California (PSUN) Tops Q1 EPS by 2c, Offers Outlook

Pacific Sunwear Of California (NASDAQ: PSUN) reported Q1 EPS of ($0.11), $0.02 better than the analyst estimate of ($0.13). Revenue for the quarter came in at $171 million versus the consensus estimate of $170.74 million. Comps were up 3%.

Financial Outlook for Second Fiscal Quarter of 2014

The Company's guidance range for the second quarter of fiscal 2014 contemplates a non-GAAP loss per diluted share from continuing operations of between $(0.08) and $(0.02), compared to $0.02 in the second quarter of fiscal 2013.

The forecasted second quarter non-GAAP loss from continuing operations per diluted share guidance range is based on the following assumptions:

Comparable store sales from -5% to flat;
Revenue from $200 million to $210 million; (Street sees $216.11 million)
Gross margin rate, including buying, distribution and occupancy, of 26% to 29%;
SG&A expenses in the range of $56 million to $58 million; and
Applicable non-GAAP adjustments are tax effected using a normalized annual income tax rate.

For earnings history and earnings-related data on Pacific Sunwear Of California (PSUN) click here.

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