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6<br />
Pacific Sunwear of California, Inc.<br />
(together with its wholly-owned<br />
subsidiaries, the “Company,” “Registrant,”<br />
“Pacsun,” “we,” or “our”) is a leading specialty<br />
retailer rooted in the action sports, fashion and<br />
music influences of the California lifestyle. We<br />
sell a combination of branded and proprietary<br />
casual apparel, accessories, and footwear<br />
designed to appeal to teans and young adults.<br />
We operate a nationwide, primarily mallbased<br />
chain of retail stores under the names<br />
“Pacific Sunwear” and “PacSun.” The<br />
Company, a California corporation, was<br />
incorporated in August 1982. As of<br />
January 31, 2015, we leased and<br />
operated 605 stores in each of<br />
the 50 states and Puerto<br />
Rico, comprised of 2.4<br />
million total square feet.<br />
Our focus on brands<br />
and culture is clearly<br />
resonating with our<br />
target customers. We<br />
concluded 2014 with<br />
our 12th straight quarter<br />
of positive comparable<br />
store sales (increasing 6%<br />
in the fourth quarter) and<br />
recorded an increase in<br />
our annualcomparable store<br />
sales of 3%. Additionally,<br />
we continue to increase gross<br />
margins by reducing markdowns<br />
and imporving our inventory<br />
position. Since 2011, our gross<br />
margins have increased by 500 basis<br />
points and we believe we can still<br />
find a bit more.
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