Pacific Sunwear of California Earnings: Here’s Why Investors are Buying Shares Now
Pacific Sunwear of California Inc. (NASDAQ:PSUN) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 14.73%.
Pacific Sunwear of California Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.14 in the quarter versus EPS of $-0.20 in the year-earlier quarter.
Revenue: Decreased 2.31% to $169.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Pacific Sunwear of California Inc. reported adjusted EPS loss of $0.14 per share. By that measure, the company beat the mean analyst estimate of $-0.19. It beat the average revenue estimate of $164.22 million.
Quoting Management: “After a slower than expected start to the spring selling season, we are pleased with our overall first quarter performance which was led by strength in our women’s business,” said Gary H. Schoenfeld, President and Chief Executive Officer. “This marks our fifth consecutive quarter of positive comps since affecting our real estate restructuring at the end of fiscal 2011. We believe our results continue to validate our core turnaround strategies tied to great brands, on-trend merchandising and re-establishing PacSun’s distinct identity through the creativity, diversity and optimism of the California lifestyle.”
Key Stats (on next page)…