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Pacific Sunwear of California, Inc. Annual Report 2004 3450 East Miraloma Avenue Anaheim, California 92806-2101 Corporate Information

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Pacific Sunwear of California, Inc. Annual Report 2004 3450 East Miraloma Avenue Anaheim, California 92806-2101 Corporate Information Pacific Sunwear of California,Pacific Inc. Annual Report 2004 pacific sunwear of california, inc. annual report 2004 3450 East Miraloma Avenue Anaheim, California 92806-2101 www.pacsun.com corporate information Directors Larry J. Fesler Greg H. Weaver * Vice President of Stores, PacSun Chairman of the Board and Eric D. Plyler Chief Executive Officer Vice President of Stores, d.e.m.o. (Executive Chairman, effective April 1, 2005) Ronald L. Ehlers Pacific Sunwear of California, Inc. Vice President of Information Systems Julius Jensen III* Frank J. Schools Managing General Partner Vice President of Finance, Copley Venture Partners Assistant Secretary Pearson C. Cummin III* Linda J. Eddy Managing Member Vice President of Real Estate Grey Fox Associates, LLC Mark A. Kibler Sally Frame Kasaks** Vice President of Distribution Retail Consultant Abby S. Areinoff Peter Starrett** Vice President of Human Resources Founder and President Peter Starrett Associates Investor information Thomas M. Murnane** Corporate Headquarters Independent Business Advisor 3450 East Miraloma Avenue Anaheim, California 92806-2101 Michael Goldstein* 714-414-4000 Independent Business Advisor Registrar and Transfer Agent Seth R. Johnson*** U.S. Stock Transfer Chief Operating Officer Glendale, California (Chief Executive Officer, effective April 1, 2005) Pacific Sunwear of California, Inc. Independent Auditors Deloitte and Touche LLP * Nominees for election as Class II directors at Costa Mesa, California the 2005 Annual Meeting of Shareholders to General Counsel serve until the 2007 Annual Meeting O’Melveny & Myers LLP ** Class I directors to serve until the 2006 Annual Meeting Irvine, California *** Nominee for election as Class I director at Annual Meeting the 2005 Annual Meeting of Shareholders to The Annual Meeting of Shareholders will be held Wednesday, serve until the 2006 Annual Meeting May 18, 2005, at 9:00 a.m. at the Company’s offices at Officers 3450 East Miraloma Avenue, Anaheim, California 92806. Greg H. Weaver Form 10-K Chairman of the Board and A copy of the Company’s 2004 Form 10-K as filed with the SEC Chief Executive Officer is contained herein and may be obtained without charge by calling (Executive Chairman, effective April 1, 2005) or writing Investor Relations at the Company’s headquarters. Seth R. Johnson Chief Operating Officer Market Information and Dividend Policy (Chief Executive Officer, effective April 1, 2005) Pacific Sunwear of California, Inc. Common Stock trades on the Nasdaq Stock Market under the symbol PSUN. The following Timothy M. Harmon table sets forth, for the quarterly periods indicated, the high and President and Chief Merchandising Officer low closing prices per share. Gerald M. Chaney Senior Vice President, Fiscal 2004 High Low Chief Financial Officer 1st Quarter $ 25.78 $ 21.24 Thomas Kennedy 2nd Quarter 22.48 17.25 Division President of PacSun 3rd Quarter 23.63 17.64 th Shelley Smith 4 Quarter 25.46 21.00 Senior Vice President of Real Estate Fiscal 2003 High Low Robert G. Entersz 1st Quarter $ 15.67 $ 10.74 Vice President, General Merchandise Manager nd 2 Quarter 20.43 13.07 of Accessories, Shoes, Outlet and E-Commerce 3rd Quarter 24.22 19.00 Debbie Shinn 4th Quarter 24.56 19.49 Vice President, General Merchandise Manager of Young Men’s As of March 14, 2005, the number of holders of record of common Bettina Summermatter stock of the Company was approximately 150, and the number of Vice President, beneficial holders of the common stock was in excess of 24,000. General Merchandise Manager of Juniors The Company has never declared or paid any dividends on its Heidi S. Muther common stock and does not intend to pay any dividends on its Vice President, General Merchandise Manager of d.e.m.o. common stock in the foreseeable future. Jim Oien Writing: Scott Wren Vice President of Planning and Allocation Design: Michael Patrick Partners, www.michaelpatrickpartners.com C. Joseph Harris Photography: PacSun/Jim Wright; d.e.m.o./David LaChapelle, Danielle Levitt Vice President of Sourcing and Product Development Pacific Sunwear of California, Inc. Annual Report 2004 / 01 We get how teens live ... 02 / Pacific Sunwear of California, Inc. Annual Report 2004 / 03 We get what teens like... 04 / Pacific Sunwear of California, Inc. Annual Report 2004 / 05 we get what they want to wear... 06 / Pacific Sunwear of California, Inc. Annual Report 2004 / 07 We get surf and skate at PacSun. 08 / Pacific Sunwear of California, Inc. Annual Report 2004 / 09 We get hip-hop at d.e.m.o. 10 / Pacific Sunwear of California, Inc. PacSun and d.e.m.o. : two great retail apparel concepts...one fast-growing company. As the leading retailer of everyday casual apparel, accessories and footwear for teens and young adults, our formula for success is simple: we make sure we understand teen lifestyles and stay on top of changing fashion trends by listening closely to our customers. The result has been consistently strong growth for many years. Last year we opened a total of 113 new PacSun and d.e.m.o. stores, bringing the total to 990; grew same-store sales by 7.3 percent; and increased gross revenues 18 percent to $1.2 billion. Looking ahead, with a huge teen market in the U.S. of more than 32 million teens, we see much more growth to come. Annual Report 2004 / 11 we get it ! 12 / Pacific Sunwear of California, Inc. to our shareholders We are very pleased to report another very strong year of sales and earnings growth at Pacific Sunwear. Sales grew by $188 million to $1.23 billion, an increase of 18 percent. Earnings grew by 33 percent to $106.9 million. Same store sales grew by 7.3 percent, with PacSun up 7.5 percent and d.e.m.o. up 5.7 percent. We opened 113 new stores in 2004 and expanded 35 of our most productive stores. Operating income reached a record 13.8 percent for the year. Total Company sales per square foot increased for the year to $374 per square foot, with PacSun at $370 per square foot and d.e.m.o. at $402 per square foot. We ended 2004 with 990 stores, which included 828 PacSun stores and 162 d.e.m.o. stores. We enter 2005 with an enhanced management team and aggressive plans for the future. We will open 120 new stores in 2005 and will again expand 35 of our most productive stores. We will end 2005 with 1,110 stores: 908 PacSun stores and 202 d.e.m.o. stores. During the year we repurchased 5.2 million of our outstanding shares for $110 million. In 2004 Seth Johnson joined us as Chief Operating Officer and member of the Board of Directors; he became Chief Executive Officer on April 1, 2005. We were pleased to have Tom Kennedy join us as Division President of PacSun. Gerald Chaney joined us as Chief Financial Officer, replacing Carl Womack, who retired after 18 years with Annual Report 2004 / 13 the Company. Greg Weaver will remain as Executive Chairman of the Board and will focus primarily on new business development. The Company is now working on a new retail concept to be launched in spring 2006. We feel very good about our company as we enter 2005. Very few companies reach the 1,000–store threshold as successfully as Pacific Sunwear has. As a company, we have learned a great deal and grown a great deal. We look forward to continuing to grow our business and our people. Our thanks to our more than 13,000 employees throughout the United States and Puerto Rico, as well as to our vendors, who are exceptional business partners. We also thank our shareholders for their interest and support of our Company. Yours truly, Yours truly, Seth R. Johnson Greg H. Weaver Chief Executive Officer, Director Executive Chairman of the Board u 14 / Pacific Sunwear of California, Inc. financial highlights (In millions except per-share amounts) 2004 2003 2002 2001 2000 Consolidated operating results Net sales $ 1,230 $ 1,041 $ 847 $ 685 $ 590 Operating income 170 128 81 44 64 Net income 107 80 50 28 40 Net income per share, diluted $ 1.38 $ 1.02 $ 0.66 $ 0.37 $ 0.54 Shares used in computing per–share amounts (in 000s) 77,464 78,850 75,147 74,488 73,234 (Fiscal year end, in millions) Consolidated balance sheet data Working capital $ 258 $ 243 $ 109 $79$80 Total assets 678 644 464 413 319 Shareholders’ equity $ 458 $ 429 $ 302 $ 248 $ 213 Selected consolidated operating data Number of stores open at end of period 990 877 791 718 589 Average net sales per store $ 1,290,000 $ 1,229,000 $ 1,102,000 $ 1,031,000 $ 1,082,000 Average net sales per gross square foot $ 374 363 $ 330 $ 321 $368 Comparable store net sales increase/(decrease) 7.3% 13.1% 9.7% (2.5%) 3.5% u u 00 $590 00 $0.54 earnings pershare net sales 01 $685 01 $0.37 02 $847 02 $0.66 03 $1,041 03 $1.02 04 $1,230 04 $1.38 (in millions) u u 00 589 00 $40 net income total stores 01 718 01 $28 02 791 02 $50 03 877 03 $80 u Annual Report2004/ 04 990 04 $107 (in millions) 15 16 / Pacific Sunwear of California, Inc. u The coast of southern California spawned a cultural revolution that reverberates to this day. Brand management—our not-so-secret weapon. Kids expect to find all the hottest surf and skate brands at PacSun. Stocking all the leading brands is a big draw and also ensures that we are never overly reliant on any single brand to sustain our business.
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