EARNINGS ROUNDUP / PACIFIC SUNWEAR
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Teen retailer Pacific Sunwear of California Inc. posted a smaller first-quarter loss that topped Wall Street expectations, despite a drop in same-store sales.
Pacific Sunwear reported a loss of $8.7 million, or 13 cents a share, compared with a loss of $37.1 million, or 17 cents, a year earlier. Sales declined 16% to $223.5 million as sales at stores open at least one year slid 18%.
But results still beat expectations of analysts polled by Thomson Reuters, who had forecast a loss of 29 cents a share and sales of $214.5 million.
The company expects to report a second-quarter loss of 11 to 17 cents a share, assuming that same-store sales decline 17% to 20%.
As of May 2, the Anaheim-based company operated 927 stores nationwide and in Puerto Rico.
Shares rose 6 cents to close at $4.17.
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