Exhibit 99.1
 CONTACT:
Gar Jackson
Vice President, Investor Relations
(714) 414-4049
    

(PACIFIC SUNWEAR LOGO)
 FOR IMMEDIATE RELEASE
 PACIFIC SUNWEAR ANNOUNCES THIRD QUARTER
EARNINGS RESULTS
 ANAHEIM, CA/November 18, 2008
    Financial Outlook
  3450 East Miraloma Avenue  Anaheim, CA 92806  (714) 414-4000




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About Pacific Sunwear of California, Inc.
 www.pacsun.com
 www.pacsun.com
 Pacific Sunwear Safe Harbor
   3450 East Miraloma Avenue  Anaheim, CA 92806  (714) 414-4000




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PACIFIC SUNWEAR OF CALIFORNIA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands except share and per share data)
 Third Quarter Ended
    
    
    First Three Quarters EndedNov. 1,
    
    
    Nov. 3,
    
    
    Nov. 1,
    
    
    Nov. 3,2008
    
    
    2007
    
    
    2008
    
    
    2007Net sales
    
    $
    323,612
    
    
    $
    341,874
    
    
    $
    903,204
    
    
    $
    921,754Gross margin
    
    
    92,776
    
    
    
    114,726
    
    
    
    263,499
    
    
    
    291,770Selling, G&A expenses
    
    
    95,308
    
    
    
    88,325
    
    
    
    281,163
    
    
    
    251,963Operating (loss) income from
continuing operations
    
    
    (2,532
    )
    
    
    26,401
    
    
    
    (17,664
    )
    
    
    39,807Other expense (income), net
    
    
    1,100
    
    
    
    (652
    )
    
    
    461
    
    
    
    (2,162
    )Income (loss) from continuing
operations before income taxes
    
    
    (3,632
    )
    
    
    27,053
    
    
    
    (18,125
    )
    
    
    41,969Income tax (benefit) expense
    
    
    (112
    )
    
    
    9,910
    
    
    
    (6,344
    )
    
    
    15,906Income (loss) from continuing
operations
    
    
    (3,520
    )
    
    
    17,143
    
    
    
    (11,781
    )
    
    
    26,063Discontinued operations, net of tax
    
    
    1,046
    
    
    
    (37,180
    )
    
    
    (24,999
    )
    
    
    (61,660
    )Net loss
    
    $
    (2,474
    )
    
    $
    (20,037
    )
    
    $
    (36,780
    )
    
    $
    (35,597
    )Income (loss) from continuing
operations per share:Basic
    
    $
    (0.05
    )
    
    $
    0.25
    
    
    $
    (0.18
    )
    
    $
    0.37Diluted
    
    $
    (0.05
    )
    
    $
    0.25
    
    
    $
    (0.18
    )
    
    $
    0.37Net loss per share:Basic
    
    $
    (0.04
    )
    
    $
    (0.29
    )
    
    $
    (0.55
    )
    
    $
    (0.51
    )Diluted
    
    $
    (0.04
    )
    
    $
    (0.29
    )
    
    $
    (0.55
    )
    
    $
    (0.51
    )Weighted average shares
outstanding:Basic
    
    
    64,968,707
    
    
    
    69,765,113
    
    
    
    67,182,918
    
    
    
    69,635,543Diluted
    
    
    64,968,707
    
    
    
    69,949,070
    
    
    
    67,182,918
    
    
    
    69,986,773
 Note:
 3450 East Miraloma Avenue  Anaheim, CA 92806  (714) 414-4000




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##### 



PACIFIC SUNWEAR OF CALIFORNIA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
 Nov. 1,
    
    
    Feb. 2,
    
    
    Nov. 3,2008
    
    
    2008
    
    
    2007ASSETSCurrent assets:Cash & cash equivalents
    
    $
    4,817
    
    
    $
    97,587
    
    
    $
    37,179Marketable securities
    
    
    
    
    
    
    
    
    
    
    Inventories
    
    
    233,814
    
    
    
    170,182
    
    
    
    242,210Other current assets
    
    
    73,635
    
    
    
    52,818
    
    
    
    71,604Total current assets
    
    
    312,266
    
    
    
    320,587
    
    
    
    350,993Property and equipment, net
    
    
    369,571
    
    
    
    376,243
    
    
    
    394,785Other long-term assets
    
    
    31,423
    
    
    
    55,313
    
    
    
    43,515Total assets
    
    $
    713,260
    
    
    $
    752,143
    
    
    $
    789,293LIABILITIES AND SHAREHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    113,799
    
    
    $
    62,349
    
    
    $
    106,352Credit facility
    
    
    43,100
    
    
    
    
    
    
    
    Other current liabilities
    
    
    47,365
    
    
    
    71,107
    
    
    
    66,113Total current liabilities
    
    
    204,264
    
    
    
    133,456
    
    
    
    172,465Deferred lease incentives
    
    
    55,054
    
    
    
    74,012
    
    
    
    78,201Deferred rent
    
    
    23,471
    
    
    
    27,669
    
    
    
    28,408Other long-term liabilities
    
    
    32,213
    
    
    
    33,661
    
    
    
    35,411Total liabilities
    
    
    315,002
    
    
    
    268,798
    
    
    
    314,485Total shareholders equity
    
    
    398,258
    
    
    
    483,345
    
    
    
    474,808Total liabilities and shareholders equity
    
    $
    713,260
    
    
    $
    752,143
    
    
    $
    789,293
 3450 East Miraloma Avenue  Anaheim, CA 92806  (714) 414-4000




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##### 



PACIFIC SUNWEAR OF CALIFORNIA, INC.
CONDENSED CONSOLIDATED CASH FLOWS
(unaudited, in thousands)
 THREE QUARTERS ENDEDNov. 1, 2008
    
    
    Nov. 3, 2007Cash flows from operating activities:Net loss
    
    $
    (36,780
    )
    
    $
    (35,597
    )Depreciation & amortization
    
    
    58,743
    
    
    
    58,295Asset impairment
    
    
    21,313
    
    
    
    59,756Non-cash stock based compensation
    
    
    4,442
    
    
    
    5,119Tax (deficiencies) benefits from exercise of stock options
    
    
    (1,408
    )
    
    
    320Excess tax benefits related to stock-based compensation
    
    
    
    
    
    
    (292
    )Loss on disposal of property and equipment
    
    
    2,368
    
    
    
    3,245Changes in operating assets and liabilities:Inventories
    
    
    (63,632
    )
    
    
    (36,997
    )Accounts payable and other current liabilities
    
    
    26,649
    
    
    
    31,724Other assets and liabilities
    
    
    (28,030
    )
    
    
    (39,709
    )Net cash (used in)/provided by operating activities
    
    
    (16,335
    )
    
    
    45,864Cash flows from investing activities:Capital expenditures
    
    
    (68,503
    )
    
    
    (94,939
    )Proceeds from sale of property and equipment
    
    
    275
    
    
    
    Purchases of short-term investments
    
    
    
    
    
    
    (171,400
    )Maturities of short-term investments
    
    
    
    
    
    
    202,900Purchases of long-term investments
    
    
    
    
    
    
    (23,300
    )Net cash used in investing activities
    
    
    (68,228
    )
    
    
    (86,739
    )Cash flows from financing activities:Borrowings under credit facility
    
    
    168,739
    
    
    
    Principal payments under credit facility
    
    
    (125,639
    )
    
    
    Repurchases of common stock
    
    
    (52,911
    )
    
    
    Proceeds from exercise of stock options
    
    
    1,613
    
    
    
    2,237Principal payments under capital lease obligations
    
    
    (9
    )
    
    
    (42
    )Excess tax benefits related to stock-based compensation
    
    
    
    
    
    
    292Borrowings under long-term debt obligations
    
    
    
    
    
    
    23,300Net cash (used in) /provided by financing activities
    
    
    (8,207
    )
    
    
    25,787Net decrease in cash and cash equivalents
    
    
    (92,770
    )
    
    
    (15,088
    )Cash and cash equivalents, beginning of period
    
    
    97,587
    
    
    
    52,267Cash and cash equivalents, end of period
    
    $
    4,817
    
    
    $
    37,179
 PACIFIC SUNWEAR OF CALIFORNIA, INC.
SELECTED STORE OPERATING DATA
 Fiscal 2008
    
    Fiscal 2007Stores open at beginning of fiscal year
    
    
    1,107
    
    
    
    1,199Stores opened during the period
    
    
    13
    
    
    
    14Stores closed during the period
    
    
    (180
    )
    
    
    (93
    )Stores open at end of period
    
    
    940
    
    
    
    1,120
 Note:
 Nov. 1, 2008
    
    Nov. 3, 2007# of
    
    Square Footage
    
    # of
    
    Square FootageStores
    
    (000s)
    
    Stores
    
    (000s)PacSun stores
    
    
    815
    
    
    
    3,103
    
    
    
    838
    
    
    
    3,186Outlet stores
    
    
    125
    
    
    
    505
    
    
    
    119
    
    
    
    481demo stores
    
    
    
    
    
    
    
    
    
    
    154
    
    
    
    439One Thousand Steps stores
    
    
    
    
    
    
    
    
    
    
    9
    
    
    
    24Total stores
    
    
    940
    
    
    
    3,608
    
    
    
    1,120
    
    
    
    4,130
 3450 East Miraloma Avenue  Anaheim, CA 92806  (714) 414-4000