Pacific Sunwear (NASDAQ:PSUN), best known for its surfing- and skateboarding-oriented apparel, again raised guidance today for its second quarter, ending this month. Last month's strong total and same-store sales stoked the better-than-expected results.
For the quarter, the company now expects to earn $0.23 per share, versus analyst estimates of $0.20. This is the second time the retailer has raised guidance for the quarter. Last month, management forecast earnings of $0.20, compared to consensus expectations of $0.19.
To meet the revised projections, earnings must jump more than 50% from the $0.15 posted in the second quarter last year. Curiously, results like that aren't out of the ordinary for Pacific Sunwear. From the same quarter last year, first-quarter earnings more than doubled from $0.07 to $0.16, while 2002's full-year earnings topped 2001's by 80%.
In June alone, total sales grew 22.2% to $89.6 million, as company-wide same-store sales improved 13.4%. Pacific Sunwear-branded stores delivered comps growth of 12.5%, while the hip-hop flavored d.e.m.o. stores returned comps growth of 23.1%.
