Pacific Sunwear Beats Estimates; Updates Guidance (PSUN)

Pacific Sunwear of California Inc. PSUN reports Q2 EPS loss of $0.22 versus estimates of $0.23 loss. Pacific Sunwear of California Inc. reports revenues of $218 million versus estimates of $213.25 million. The company's guidance range for the third quarter of fiscal 2010 contemplates a GAAP net loss per share of $(0.15) to $(0.25) for the third quarter of fiscal 2010. On a non-GAAP basis, using a normalized income tax rate of approximately 36% to 37%, the company's guidance range translates to a net loss of $(0.09) to $(0.16) per share for the third quarter of fiscal 2010. PSUN said it sees same store sales decline of 4% to 9%. "Our second quarter results were led by our fourth consecutive quarter of improving comp trends in young mens and a return to positive comps for this critical piece of our business," said Gary H. Schoenfeld, President and Chief Executive Officer. "Our young men's customers are responding well to the renewed prominence of great brands at PacSun. As we progress through the second half of the year, we look forward to continuing to achieve positive comps in young mens and the beginnings of trend improvements in juniors as well."