Shares of Pacific Sunwear of California (PSUN) tumbled more than 11% in Friday pre-market trading after the casual apparel maker posted a lower quarterly loss, but issued disappointing current quarter-guidance.
PSUN reported a fiscal first-quarter loss of $10.4 million, down from $24.2 million in the year-ago period. Adjusted EPS showed a loss of 11 cents from continuing operations. That was better than the loss of 13 cents per share that Wall Street had forecast, RTT News notes.
Quarterly revenue at PSUN climbed from $166.4 million in the prior-year period to $171.1 million. That narrowly beat the $170.74 million that analysts had predicted. PSUN indicated that same-store sales rose 3% during the quarter.
However, for the current quarter, PSUN said it anticipates a loss from continuing operations of between 8 cents and 2 cents per share. Analysts had been looking for a loss of 2 cents. PSUN estimates second-quarter revenue to come in between $200 million and $210 million. That also fell below the $216.11 million that analysts had forecast.
On Thursday, PacSun stock closed at $2.94 per share.
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