Pacific Sunwear of California, Inc. (PSUN) Wednesday reported a narrower loss for the second quarter, helped mainly by higher revenues.
Net loss for the quarter narrowed to $17.5 million from $19.3 million in the same period last year. On a per-share basis, loss was $0.26 per share, versus a loss of $0.29 last year.
Second-quarter loss from continuing operations included a non-cash loss of $8.2 million, or $0.12 per share. Excluding this, adjusted loss from continuing operations was $5.8 million or $0.08 per share, compared to a loss from continuing operations of $11.1 million or $0.17 per share last year.
On average, 13 analysts polled by Thomson Reuters expected the company to report a loss of $0.12 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter increased to $210.3 million from $200.9 million last year. Analysts expected revenues of $203.17 million.
Looking ahead to the third quarter, the company forecast non-GAAP net loss per share from continuing operations of between negative $0.08 and flat. Analysts currently expect a loss of $0.04 per share for the quarter.
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