Pacific Sunwear Reports Q4 EPS of $(0.33) vs. $(0.32); Revenues $263M vs. $271.01M

Pacific Sunwear of California, Inc. PSUN, announced today that total sales for the fourth quarter of fiscal 2010 ended January 29, 2011 were $263 million, a decrease of 10% from total sales of $293 million for the fourth quarter of fiscal 2009 ended January 30, 2010. Total Company same-store sales decreased 7% during the fourth quarter of fiscal 2010.

The Company reported a net loss of $35 million, or $(0.53) per share, for the fourth quarter of fiscal 2010 compared to a net loss of $36 million, or $(0.56) per share, for the fourth quarter of fiscal 2009. Results for the fourth quarter of fiscal 2010 reflect the continuing impact of a valuation allowance against the Company's deferred tax assets.

On a comparable non-GAAP basis, using a normalized 38% income tax rate, the Company's non-GAAP net loss for the quarter was $22 million, or $(0.33) per share.