Retail Industry
Industry: Email Alert RSS FeedTAKING STOCK: THE BOTTOM LINE ON THE SHOE BIZ.
Footwear News, November, 2006
PACSUN WOES: Pacific Sunwear of California Inc. said Thursday at the close of the market that third-quarter earnings plunged nearly 80 percent to $9 million, while net sales totaled $375.4 million, a decrease of roughly 1 percent. Inventory levels at Oct. 28 were down almost 6 percent from a year ago, interim CEO Sally Kasaks said in a statement. According to Kasaks, she will focus on bringing in fresh merchandise and improving inventory turns during the all-important holiday season. In the meantime, Pacific Sunwear said it will decelerate store opening plans in light of its operational performance. Square-footage growth is now seen increasing just 4 percent in fiscal 2007 and will come in the form of 40 new stores, while 35 stores will be expanded or relocated. At...
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