Pacific Sunwear Stock Price Soars on Strong Sales Report
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ANAHEIM — Pacific Sunwear of California’s stock surged 13% Thursday to a new high for the year as the retailer reported a hefty increase in same-store sales, a key indicator of performance.
The stock hit a 52-week high of $44.63, up $5.25, in heavy trading on the Nasdaq market. More than 1.2 million shares changed hands, about four times higher than the daily average in recent weeks.
Pacific Sunwear shares have gained almost $10 in the last week, fueled initially by speculation that the company would post strong sales gains for August.
The company, which sells casual apparel for teens and young adults at mall-based outlets, didn’t disappoint. On Thursday, it posted a 19.5% gain in same-store sales for the month.
“Our back-to-school sales have been very strong and come on top of a 19% same-store sales increase from August of a year ago.” said Greg Weaver, president and chief executive officer. “Our fall merchandise offerings in young men’s, juniors and footwear have all been well received.
Pacific Sunwear said total sales for the four-week period ended Aug. 31 rose 51% to $30.2 million from $20 million a year ago.
A year ago, the company’s stock was trading at $17.50.
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