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Retailer Pacific Sunwear of California Inc. said Thursday its board authorized a plan to buy back up to an additional $50 million in stock from time to time.

During fiscal 2008, the company bought back 5 million shares at an average price of $10.05 per share for about $50.5 million.

The company also recently posted a surprise 3 percent rise in June sales at stores open at least a year as increased promotions attracted more shoppers to its stores.

Analysts on average had expected the surf-inspired clothing chain's June same-store sales to fall 1.8 percent, according to Thomson Reuters Estimates.

"Geographically, comps (comparable store sales) were strongest in Texas and the Midwest and remained weakest in the Desert Southwest, California and Florida," Chief Financial Officer Michael Henry said in a pre-recorded call.

Apparel sales rose 17 percent in June and accounted for 81 percent of total sales, Henry said.

In the junior's category, Pacific Sunwear saw strength in Bullhead denim, tops, swimwear and dresses this month. The young men's category was helped by higher sales of Bullhead denim, shorts and tops.

The company said total PacSun sales for the five weeks of fiscal June ended July 5, rose 5 percent to $127.2 million from the year-ago period.

Pacific Sunwear, which has been closing its underperforming demo stores, separately said it plans to buy back $50 million common shares.

Thomas Weisel Partners analyst Liz Dunn said she was "impressed" with the retailer's same-store sales' performance in June as well as its buyback activity. She raised her second-quarter earnings estimates to 8 cents a share from 5 cents.

The stock trades for 5x cash flow.

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Retailer Pacific Sunwear of California Inc. said Thursday its board authorized a plan to buy back up to an additional $50 million in stock from time to time.

During fiscal 2008, the company bought back 5 million shares at an average price of $10.05 per share for about $50.5 million.

The company also recently posted a surprise 3 percent rise in June sales at stores open at least a year as increased promotions attracted more shoppers to its stores.

Analysts on average had expected the surf-inspired clothing chain's June same-store sales to fall 1.8 percent, according to Thomson Reuters Estimates.

"Geographically, comps (comparable store sales) were strongest in Texas and the Midwest and remained weakest in the Desert Southwest, California and Florida," Chief Financial Officer Michael Henry said in a pre-recorded call.

Apparel sales rose 17 percent in June and accounted for 81 percent of total sales, Henry said.

In the junior's category, Pacific Sunwear saw strength in Bullhead denim, tops, swimwear and dresses this month. The young men's category was helped by higher sales of Bullhead denim, shorts and tops.

The company said total PacSun sales for the five weeks of fiscal June ended July 5, rose 5 percent to $127.2 million from the year-ago period.

Pacific Sunwear, which has been closing its underperforming demo stores, separately said it plans to buy back $50 million common shares.

Thomas Weisel Partners analyst Liz Dunn said she was "impressed" with the retailer's same-store sales' performance in June as well as its buyback activity. She raised her second-quarter earnings estimates to 8 cents a share from 5 cents.

The stock trades for 5x cash flow.

Pacific Sunwear (PSUN) was upgraded from Hold to Buy, Citigroup said. $19 price target. Sale of the underperforming demo division along with improving product execution at core stores could drive accelerating earnings growth.

me too

kay maf- stocks not moving because investors like the story but are waiting to see how quickly new ceo can actually turn things around. i see the price moving up around 30 by end of the year.

ive been with the company for 4 years and i started seeing improvements 2 years ago. new ceo is putting company on the fast track to success

going no where