Pacific Sunwear of California Earnings: Here’s Why Investors are Not Happy Now
Pacific Sunwear of California Inc. (NASDAQ:PSUN) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 11.73%.
Pacific Sunwear of California Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $0.02 in the quarter versus EPS of $-0.08 in the year-earlier quarter.
Revenue: Rose 2.33% to $215.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Pacific Sunwear of California Inc. reported adjusted EPS income of $0.02 per share. By that measure, the company beat the mean analyst estimate of $0. It missed the average revenue estimate of $215.74 million.
Quoting Management: “We are pleased with our strong performance as evidenced by our sixth consecutive quarter of both positive comparable store sales growth and higher merchandise margins,” said Gary H. Schoenfeld, President and Chief Executive Officer. “We believe our customers are beginning to recognize and appreciate our diverse lens toward California lifestyle and our curated assortment of great brands and distinctive style which together are reestablishing PacSun’s unique identity.”
Key Stats (on next page)…