Pacific Sunwear of California Inc. (Nasdaq:PSUN), a leading specialty retailer rooted in the action sports, fashion and music influences of the California lifestyle, announced that net sales for the second quarter of fiscal 2011 ended July 30, 2011, were $214.9 million versus net sales of $218.3 million for the second quarter of fiscal 2010 ended July 31, 2010. Total Company same-store sales increased 1% during the period. The Company ended its second quarter of fiscal 2011 with 821 stores, as compared to 880 for the second fiscal quarter of 2010. For the second quarter of fiscal 2011, the Company reported a net loss of $19.3 million, or $(0.29) per share, compared to a net loss of $23.5 million, or $(0.36) per share, for the second quarter of fiscal 2010. Results for the second quarter of fiscal 2011 and 2010 reflect the continuing impact of a valuation allowance against the Company's deferred tax assets. On a non-GAAP basis, using a normalized annual income tax rate of approximately 36%, the Company's net loss for the second quarter was $12.2 million, or $(0.18) per share, as compared to a net loss of $14.7 million, or $(0.22) per share, for the same period a year ago.

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