Shares of Pacific Sunwear of California Inc. (NASDAQ: PSUN), a specialty retailer engaged in the sale of a combination of branded and casual apparel, accessories and footwear designed to appeal to teens and young adults, are up sharply in early trading today.
PSUN shares are currently trading 18.56% higher at $1.40 on above average volume of 522,766. The stock rose to an intra-day high of $1.43 in trading today.
Pacific Sunwear shares are gaining momentum after the company announced its first-quarter operating results and issued guidance for the second quarter. PSUN announced net sales from continuing operations of $173.8 million for the first quarter ended April 28. This compares with net sales of $171.9 million reported for the same period in the previous year. Same-store sales for the quarter rose 1%.
PSUN reported loss from continuing operations of $15.6 million, or $0.23 per share, compared with loss from continuing operations of $28.7 million, or $0.43 per share reported for the first quarter of fiscal 2011.
For the second quarter of fiscal 2012, PSUN expects a non-GAAP net loss of $0.11-$0.16 per share.
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