SINGAPORE, Dec 8 (AP): Pacific Sunwear shares jumped Friday after the
teen retailer reported better-than-expected revenue for its fiscal third
quarter.
The company said after the market closed last Thursday that it moved to a profit for the period due to a one-time gain. On an adjusted basis, it lost 5 cents per share, matching analyst expectations. Its revenue fell 4 per cent to $206.6 million, but analysts polled by FactSet were anticipating $205 million.
Pacific Sunwear forecast an adjusted loss of 12 to 17 cents per share for its fourth quarter on revenue of $216 million to $225 million. Analysts were predicting a loss of 12 cents per share on revenue of $218.7 million.
B Riley analyst Jeff Van Sinderen said in a research note that management has brought the brand "back from near death and it is once again among the cooler venues." He upgraded his rating on the company to "Buy" from "Neutral" and raised his price target on the stock to $4.50 from $3.20.
The company said after the market closed last Thursday that it moved to a profit for the period due to a one-time gain. On an adjusted basis, it lost 5 cents per share, matching analyst expectations. Its revenue fell 4 per cent to $206.6 million, but analysts polled by FactSet were anticipating $205 million.
Pacific Sunwear forecast an adjusted loss of 12 to 17 cents per share for its fourth quarter on revenue of $216 million to $225 million. Analysts were predicting a loss of 12 cents per share on revenue of $218.7 million.
B Riley analyst Jeff Van Sinderen said in a research note that management has brought the brand "back from near death and it is once again among the cooler venues." He upgraded his rating on the company to "Buy" from "Neutral" and raised his price target on the stock to $4.50 from $3.20.
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