Pacific Sunwear Declares 3-for-2 Stock Split
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ANAHEIM — Pacific Sunwear of California Inc. said Tuesday its directors have declared a 3-for-2 stock split so that more investors can afford its shares, which reached a record last week.
It’s the second stock split in a year for the clothing retailer, which targets the teenage market. Last October it also approved a 3-for-2 split.
The company’s shares rose 13% on Sept. 4 after Pacific Sunwear said same-store sales, a key indicator of performance, rose 19.5% in August over the year-ago period, spurred by back-to-school shopping.
The shares, which touched a record $46.25 last Wednesday, closed Tuesday at $45.13, up $1.13, in Nasdaq trading.
Pacific Sunwear said the new stock split will be effective Oct. 9, and it will pay cash for any fractional shares as a result of the split. Pacific Sunwear currently has about 9.1 million shares outstanding and will have about 13.7 million shares outstanding following the split.
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