Pacific Sunwear Is Hot
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ANAHEIM — Casual clothing retailer Pacific Sunwear of California Inc. reported record results for the fourth quarter and year ended Feb. 1.
Net income for the fourth quarter rose 94% to $6.6 million, or 46 cents a share, from $3.4 million, or 27 cents a share, for the fourth quarter of fiscal 1996. Sales increased 50% to $74.6 million from $49.8 million. Same store sales increased 13%.
Net income for the fiscal year more than doubled to $16.4 million, or $1.20 a share, from $7.4 million, or 59 cents a share, the previous year. Sales climbed 46% to $227.1 million from $155.3 million. Same store sales were up 15% for the year.
The company said it plans to open 60 new stores in 1998, and relocate or expand 15 of its most productive stores.
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