Zacks.com submits:
Pacific Sunwear of California Inc. (PSUN) posted fiscal 2009 fourth quarter results after the closing bell on Thursday. The company recorded a wider GAAP net loss of $36.5 million, or 56 cents per share, compared to a loss of $27.0 million, or 42 cents per share in the prior year quarter. Excluding special items, adjusted loss per share came in at 26 cents, ahead of the Zacks Consensus Estimate of a 29-cents loss.
However, Pacific Sunwear offered a disappointing fiscal 2010 first-quarter guidance and expects to post an adjusted net loss of 32 cents to 38 cents per share during the first quarter of fiscal 2010 assuming a 13% to 18% decline in same-store sales. The guidance is well behind the Zacks Consensus Estimate of a loss of 15 cents per share, which worsened by a penny over the past month. Shares of Pacific Sunwear plunged 89 cents or more than 15% to $4.86 on Friday on the Nasdaq.