The Chinese e-commerce giant will have $8 billion in cash after its IPO as well as valuable stock it can use for acquisitions. The ...
Pacific Sunwear of California reported web sales of $10.6 million in the third quarter, a 46% increase compared with the prior year quarter.
The web outran store sales in the third quarter for Pacific Sunwear of California Inc.
The apparel and accessories retailer, which targets the young surfer and skateboarder set, reported web sales of $10.6 million in the third quarter, a 46% increase compared with $7.3 million the prior year quarter.
Comparable store sales did not fare as well, declining 7% in the third quarter ended Nov. 1, 2008. Overall sales for the quarter were $323.6 million, a 5% decrease from sales of $341.9 million for the prior year quarter.
PacSun, No. 312 in the Internet Retailer Top 500 Guide, posted a third-quarter loss of $3.5 million, compared with $17.1 million in income for Q3 2007.
“It’s been well reported that consumer spending decelerated significantly in the September-October period, and we certainly saw this in our own results for the quarter,” says Sally Frame Kasaks, CEO. “To strengthen our financial position in this economic downturn we are focused on reducing our inventory, capital expenditure and other expenses. We remain encouraged by our e-commerce business, which continues to experience strong growth supported in part by enhancements to our web site and supply chain.”
PacSun did not break out total e-commerce sales year-to-date, but reported total sales for the first three quarters fiscal 2008 were $903.2 million, down by 2% from $921.7 million in the prior year period. Same-store sales decreased 3% through three quarters of 2008. The company recorded a loss of $11.8 million for the period, compared to income of $26.1 million in the first three quarters of fiscal 2007.