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Market Update : 
Pacific Sunwear Q1 Earnings Call Transcript
Author: 123jump.com Staff
123jump.com
Last Update: 12:20 PM ET May 28 2009


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Yes. Our next question comes from the line of Paul Lejuez with Credit Suisse.

Julia Harrington – Credit Suisse

Hi. This is Julia Harrington (ph) in for Paul Lejuez. I was wondering what kind of terms you are seeing on leases that are coming up for renewal in the next couple of years.

Michael L. Henry

We are very consciously working on our lease re-negotiations and trying to improve terms where we can. I think the same general theme holds true as we have been saying for the last couple of quarters in that we are seeing more flexibility in the lower tier malls than we are in the top tier malls. That is where there is more conversation and more flexibility. We are trying to use every bit of leverage that we have to improve those things. It is going to take some time. It is something that is going to reveal itself over the next couple of quarters as we continue to go through this process.

Operator

The next question comes from the line of Simon Steikel (ph) with FBR.

Simon Steikel – FBR

Hi, good afternoon. I was just wondering whether you could share any early May reads or commentary? Should we assume that it is running at negative high teens now? And then just to touch back on the brands quickly, could you provide any color on specific new brands, their performance and if there is anything we should look towards for new brands for back to school? Thanks a lot.

Sally Frame Kasaks

We have kind of started to make it a practice not to talk about specific brands. It gets me in trouble and it gets them in trouble. I think at this point as you are out in the stores you will see particularly in the young men’s mix a slightly different approach to that part of it. Frankly we are just not talking about go forward numbers but certainly we have not seen major uptick in business and we are playing it very, very tight.

Simon Steikel – FBR

Fair enough. Thanks. Good luck on the second quarter.

Sally Frame Kasaks

Thank you

Operator

And our last question comes from the line of Liz Dunn with Thomas Weisel Company.

Liz Dunn – Thomas Weisel Partners, LLC

I was wondering if you could address trends within the quarter. I don’t think we heard that. Was the trend fairly consistent comp wise throughout the quarter ex the Easter shift?

Michael L. Henry


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