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04.12.2014 00:32:53

Pacific Sunwear Swings To Loss, Beats View; Shares Up 12% - Update

(RTTNews) - Specialty retailer of teen wear Pacific Sunwear of California Inc. (PSUN), Wednesday posted a third-quarter loss compared to a profit last year, reflecting lower gains on derivative liability from that recorded last year. Nevertheless, loss for the quarter was better than what Wall Street estimated sending shares of the company up 12 percent in after-hours trade.

Anaheim, California-based Pacific Sunwear reported a third-quarter loss of $469 thousand or $0.01 per share, compared with a profit of $17 million or $0.23 per share last year. Last year's result included a gain of $23.4 million related to derivative liability compared to $4.9 million for the recent third quarter.

Excluding one-time items, adjusted loss for the quarter narrowed to $0.03 per share from last year's loss of $0.05 per share. Analysts polled by Thomson Reuters estimated a loss of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.

Pacific Sunwear's revenue for the third quarter rose to $212.3 million from $202.8 million last year. Analysts had a consensus revenue estimate of $208.0 million for the quarter.

Comparable store sales for the third quarter increased 4 percent. The company ended the third quarter with 620 stores versus 635 stores a year ago.

Commenting on the results, Chief Executive Gary Schoenfeld said, "With eleven straight quarters of positive comp stores sales, I believe that our elevated merchandising assortments featuring a select number of leading lifestyle brands is resonating with customers and moving us even further toward our goal of establishing the new PacSun as one of the leading specialty apparel retailers for 17-24 year-olds."

For the fourth quarter, the company expects an adjusted loss of $0.17 to $0.12 per share on revenues of $218 million to $227 million. Analysts currently expect a loss of $0.12 per share on revenues of $221.7 million.

PSUN closed Wednesday's trading at $1.70, up $0.08 or 4.94%, on the Nasdaq. The stock further gained $0.20 or 11.76%, in the after-hours trade.

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