Pacific Sunwear Has Record 3rd Quarter
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ANAHEIM — Casual apparel retailer Pacific Sunwear of California Inc. reported record results for the third quarter ended Nov. 2.
Net income more than doubled to $5.8 million, or 41 cents a share, from $2.7 million, or 22 cents a share, for the third quarter a year ago. Sales rose 51% to $65.3 million from $43.2 million.
Net income for the nine-month period climbed to $9.8 million, or 73 cents a share, from $4.1 million, or 33 cents a share, for the comparable period last year. Sales were up 45% to $152.6 million from $105.5 million. Same store sales increased 16% for the first nine months of fiscal 1997.
New-store sales look excellent for the year, and Pacific Sunwear plans to open 60 new stores in 1998, said Greg Weaver, chief executive officer. The company currently operates 260 stores in 37 states.
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