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Pacific Sunwear January same-store sales fall

Teen apparel retailer Pacific Sunwear of California Inc. said Thursday that same-store sales fell 11 percent in January, a smaller drop than analysts expected.
/ Source: The Associated Press

Teen apparel retailer Pacific Sunwear of California Inc. said Thursday that same-store sales fell 11 percent in January, a smaller drop than analysts expected.

Analysts surveyed by Thomson Reuters, on average, expected same-store sales to fall 14.2 percent.

Total sales fell 8 percent during the four weeks ended Jan. 31, to $54.7 million from $59.6 million.

For the fiscal fourth-quarter, same-store sales fell 10 percent, while total sales fell 8 percent to $351.7 million from $384.3 million.

Analysts expected fourth-quarter sales of $344.2 million.

Same-store sales, or sales at stores open at least a year, are a key measure of retailer performance, because they measure growth at existing stores rather than from newly opened ones.

For the fiscal year, same-store sales fell 5 percent and total sales fell $1.25 billion, down 4 percent form $1.31 last year.

The company reiterated fiscal fourth-quarter guidance of a loss of 38 cents to 42 cents per shares. Analysts expect a loss of 50 cents per share.