Pacific Sunwear reports unexpected rise in June same-store sales
Pacific Sunwear of California, Inc. (Nasdaq:PSUN) reported early Thursday that its June same-store sales rose 3%, which topped Wall Street’s expectation for a decrease of 1.8%. Same-store sales, or sales at stores open at least a year, is an important metric in the retail industry.
The Anaheim, Calif.-based teen retailer said sales for the five weeks ended July 5 totaled $127.2 million, versus $120.8 million a year earlier. Early Thursday, Pacific Sunwear announced that its board authorized a repurchase of $50 million in shares of common stock.
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