Apparel retailer Pacific Sunwear of California is readying a new footwear chain targeting teens and young adults.
Eight to 10 stores, called One Thousand Steps, will open early next year with footwear and accessories geared to 18- to 24-year-olds. Anaheim, CA-based Pacific Sun plans to grow eventually to 600 to 800 One Thousand Steps stores in malls.
The chain is an extension of the company’s 780 PacSun clothing stores and is expected to bring in new consumers while serving current PacSun shoppers.
“Footwear has been a highly successful part of our assortment in PacSun stores,” said CEO Seth Johnson in a statement. “One Thousand Steps will leverage our brand management skills in what we believe is an underserved market.”
The company also operates 183 d.e.m.o. clothing stores in malls.
Meanwhile, Pacific Sun restated its 2004 financials to account for results of its ongoing PacBucks coupon program. In the past, the company calculated the cost of redeeming back-to-school coupons issued in July as part of its costs for August, when the coupons are redeemed. But some coupons were redeemed in July this year, so the company restated its 2004 quarterly data to compare with 2005 figures. The change won’t affect full-year financials.
Second-quarter sales were $309 million, up 14% from the year before; the PacBucks discounts given in July were worth $3.2 million.
