As planned at the last quarterly report, Pacific Sunwear also said that it repurchased approximately 1.3 million shares for about $24.9 million, at an average price of $19.26 per share. Through the first half of the year, the company has bought back $74.9 million in stock at an average price of $21.30 per share.
Looking ahead, the company projected 5% same-store sales growth for the third and fourth quarters, adding that it was comfortable with earnings forecasts of $0.39 and $0.52 per share for those quarters. With the strong second-quarter performance, the company upped its full-year earnings expectation another four pennies to $1.35 per share.
Pacific Sunwear also outlined its plan for 2005, saying it would open approximately 120 net new stores, including 70 PacSun, 10 PacSun Outlet, and 40 new d.e.m.o. stores. Factoring in the expansion and relocation of 30 to 35 other stores, the company forecast square-footage growth of about 14% next year.
The trendy retailer has been successful hitting the same crowd, as have surf and skate apparel companies Billabong and Quiksilver
For more Fool coverage and commentary on Pacific Sunwear, check out:
- Pacific Sunwear: Totally Awesome?, by Alyce Lomax
- Pacific Sunwear Catches a Break, by Dave Marino-Nachison
- PacSun Shines and Hip-Hop Investing, by LouAnn Lofton
Fool contributor Jeff Hwang owns none of the companies mentioned above.