Pacific Sunwear (PSUN) Holiday Comps Up 1%, Cuts Margin Outlook and Sees EPS at Low End

January 10, 2013 4:14 PM EST
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Pacific Sunwear Of California (NASDAQ: PSUN) announced fourth fiscal quarter same-store sales through January 6, 2013 increased 1% on a continuing operations basis.

The Company also disclosed that it expects its gross margin percentage for the fourth quarter to be in the range of 21% to 22%, which represents an increase of approximately 200 to 300 basis points over the same period a year ago. This compares to previous guidance of 22% to 25%.

Based on this gross margin trend, the Company expects non-GAAP loss per share from continuing operations to be at the lower end of its previously announced guidance range of $(0.09) to $(0.17), compared to $(0.20) in the fourth quarter of fiscal 2011. The Wall Street consensus is $(0.11).

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