Pacific Sunwear Reports Its Earnings Doubled
Casual apparel retailer Pacific Sunwear of California Inc. said its second-quarter earnings more than doubled to $7.3 million, or 22 cents a share, from $3.5 million, or 11 cents, because of increased sales and cost controls.
The Anaheim company, which offers such brands as Reef, Good Vibes, Puma, Tilt and Split, had raised its profit outlook Thursday to between 21 cents and 22 cents from an earlier forecast of 18 cents, citing stronger than expected July sales. Analysts then increased their estimates to an average 20 cents from 18 cents.
Shares of Pacific Sunwear closed off 15 cents at $19.49 on Nasdaq before the results were released.
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