Wednesday, specialty retailer Pacific Sunwear of California, Inc. (PSUN) reported a decline in same-store sales for the month of September, hurt by sales deterioration in California, Florida, Desert Southwest, Pacific Northwest, and Rocky Mountain/Great Plains regions. Citing increased markdown activity, the company now expects third quarter earnings to be at the low end of its previously announced earnings guidance.
Same-store sales for the month decreased 5%, and total sales were $91.2 million, down 4% from $95.1 million generated in the same period last year.
For the first nine weeks of the fiscal third quarter, same-store sales declined 6%, while total sales were $254.3 million, down 4% from $265.1 million in the year-earlier period.
Year-to-date, same store sales decreased by 2%. Total sales for the period dropped 1% to $833.9 million from $845.0 million in the comparable period last year.
Pacific Sunwear noted that in September, the company experienced significant further sales deterioration in California, Florida and the Desert Southwest regions, which comprise approximately 24% of its total store base. Collectively, same-store sales in these regions were down 21% for the month.
Furthermore, same-store sales declined 18% in both the Pacific Northwest and Rocky Mountain/Great Plains regions.
Looking ahead, as a result of increased markdown activity, the company now expects fiscal 2008 third quarter earnings to be at the low end of its previously announced guidance range of $0.00 to $0.05 per share.
PSUN closed Tuesday's trading session at $5.13.
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