Pacific Sunwear Profit to Just Meet Estimates
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Pacific Sunwear of California Inc. said its second-quarter profit will be at the lower end of the teen-clothing retailer’s previous estimates because of weak sales of summer apparel.
The Anaheim company said last month that it expected to post profit of 13 cents to 17 cents a share for the three months ending July 28, down from 23 cents a share a year earlier. Analysts expect the company to earn 14 cents a share for the quarter, according to First Call/Thomson Financial.
Sales at company-owned stores open at least a year fell 7.4% for the five-week period ended July 8.
Despite the news, the company’s shares rose $2.26, or 12%, to close at $21.67 in Nasdaq trading.
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