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Pacific Sunwear of California Inc. (PSUN) filed Quarterly Report for the period ended 2011-10-29.
Pacific Sunwear Of California Inc. has a market cap of $90.1 million; its shares were traded at around $1.35 with and P/S ratio of 0.1.
This is the annual revenues and earnings per share of PSUN over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PSUN.
Highlight of Business Operations:
Comparable (or “same-store”) sales. Stores are deemed comparable stores on the first day of the fiscal month following the one-year anniversary of their opening or expansion/relocation. We consider same-store sales to be an important indicator of the Company’s current performance. Same-store sales results are important in achieving operating leverage of certain expenses such as store payroll, store occupancy, depreciation, general and administrative expenses and other costs that are somewhat fixed. Positive same-store sales results usually generate greater operating leverage of expenses while negative same-store sales results generally have a negative impact on operating leverage. Same-store sales results also have a direct impact on our net sales, cash and working capital.Gross margin, after buying, distribution and occupancy costs, was $59 million for the third quarter of fiscal 2011 versus $64 million for the third quarter of fiscal 2010. As a percentage of net sales, gross margin was 24.2% for the third quarter of fiscal 2011 compared to 25.0% for the third quarter of fiscal 2010. The components of this 0.8% decrease in gross margin as a percentage of net sales were as follows:
Increase in payroll and payroll-related expenses as a percentage of sales. In dollars, payroll and payroll-related expenses were flat in the third quarter of fiscal 2011, as compared to the prior year, which includes a $2 million bonus accrual reversal.
Gross margin, after buying, distribution and occupancy costs, was $144 million for the first three quarters of fiscal 2011 versus $158 million for the first three quarters of fiscal 2010. As a percentage of net sales, gross margin was 22.3% for the first three quarters of fiscal 2011 compared to 23.6% for the first three quarters of fiscal 2010. The components of this 1.3% decrease in gross margin as a percentage of net sales were as follows:
Decrease in payroll and payroll-related expenses as a percentage of sales. In dollars, payroll and payroll-related expenses were $116 million in the first three quarters of fiscal 2011 compared to $124 million in the first three quarters of fiscal 2010.
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