Exhibit 99.1

Contact:
Gar Jackson
Director Investor Relations
(714) 414-4049

FOR IMMEDIATE RELASE

PACIFIC SUNWEAR ANNOUNCES
FISCAL 2006 FOURTH QUARTER AND YEAR END RESULTS
PROVIDES OUTLOOK FOR FIRST HALF OF FISCAL 2007

ANAHEIM, CA, March 15, 2007 — Pacific Sunwear of California, Inc. (Nasdaq:PSUN) today reported its financial results for the fourth quarter and fiscal year ended February 3, 2007 (“fiscal 2006”) and commented on its outlook for the first half of fiscal 2007.

Fourth Quarter Results
For the fourth quarter of fiscal 2006 (14 weeks), total sales were $458.2 million, an increase of 7.8 percent over total sales of $424.9 million for the fourth quarter of fiscal 2005 ended January 28, 2006 (13 weeks). Same-store sales decreased 4.3 percent for the comparable fourteen-week period ended February 3, 2007.

Net income for the fourth quarter of fiscal 2006 was $9.1 million, or $0.13 per diluted share, compared to $47.0 million, or $0.63 per diluted share, in the fourth quarter of fiscal 2005. Fourth quarter results for fiscal 2006 include asset impairment and inventory write-down charges of approximately $16.6 million net of tax, or $0.24 per diluted share, primarily attributable to the Company’s previously announced plans to close 74 underperforming demo stores during fiscal 2007. Before the impact of these charges, net income for the fourth quarter of fiscal 2006 was $25.7 million, or $0.37 per diluted share, versus a comparable non-GAAP income of $45.2 million, or $0.60 per diluted share, for the fourth quarter of fiscal 2005.

Fiscal 2006 Results
Total sales for fiscal 2006 (53 weeks) were $1.45 billion, an increase of 4.0 percent over total sales of $1.39 billion for fiscal 2005 (52 weeks). Same-store sales decreased 4.7 percent for the comparable 53 week period ended February 3, 2007.

Net income for fiscal 2006 was $39.6 million, or $0.56 per diluted share, compared to $126.2 million, or $1.67 per diluted share, for fiscal 2005. Before the impact of the impairment charges noted above and the charge taken in the third quarter related to a severance obligation to our former CEO, net income for fiscal 2006 was $56.9 million, or $0.80 per diluted share, versus a comparable non-GAAP $117.5 million, or $1.55 per diluted share, for fiscal 2005.

Interim Chief Executive Officer Sally Frame Kasaks commented, “Although fiscal 2006 was disappointing from an earnings standpoint, we have moved aggressively to get the Company back on track and positioned for future growth. Key to this effort has been decreasing the inventory density in our stores to enable us to offer a clearer and more compelling merchandise presentation to our customers. We are also moving forward with our plans to close down 74 underperforming demo stores to improve the profitability of the division. Finally, we have introduced updated store design packages for both PacSun and demo, which are receiving encouraging initial responses.”

3450 East Miraloma Avenue • Anaheim, CA 92806 • (714) 414-4000

A reconciliation of fourth quarter and year-to-date fiscal 2005 reported GAAP earnings to the non-GAAP measures contained in this press release is set forth below.

Reconciliation of Fiscal 2005 Q4 GAAP Earnings to Non-GAAP Disclosure
GAAP EPS as originally reported for Q4 2005	$	0.63
Less impact of stock compensation and pre-opening rent expenses		(0.03	)
Adjusted non-GAAP EPS for Q4 2005	$	0.60
GAAP net income as reported for Q4 2005, in $000’s	$	47,009
Less stock compensation expenses, tax-effected		(1,611	)
Less pre-opening rent, tax-effected		(176	)
Adjusted non-GAAP net income for Q4 2005	$	45,222
Reconciliation of Fiscal 2005 Year-to-Date GAAP Earnings to Non-GAAP Disclosure
GAAP EPS as originally reported for 2005	$	1.67
Less impact of stock compensation and pre-opening rent expenses		(0.12	)
Adjusted non-GAAP EPS for 2005	$	1.55
GAAP net income as reported for 2005, in $000’s	$	126,212
Less stock compensation expenses, tax-effected		(7,141	)
Less pre-opening rent, tax-effected		(1,590	)
Adjusted non-GAAP net income for 2005	$	117,481

Stock Repurchase Program
At the end of fiscal 2006, the Company had $51 million remaining available for future share repurchases under the $100 million share repurchase authorization approved by the Company’s board of directors on May 18, 2006.

Fiscal 2007 First Half Outlook
As previously announced, the Company is in the process of closing 74 underperforming demo stores. The Company will incur lease termination and severance costs during fiscal 2007 as the 74 demo stores close, but the specific amount and timing of those costs are not yet known. The earnings estimates provided below do not include the impact of such lease termination and severance charges. At this time, excluding the lease termination and severance costs, the Company is projecting earnings per diluted share for the first half of fiscal 2007 in the range of $0.23 to $0.27 based upon achieving total Company comparable store net sales in the flat to up low single digits range during that timeframe. The Company expects approximately 80% of the projected earnings result for the first half of fiscal 2007 to be generated during its second fiscal quarter. The Company intends to provide its outlook for the second half of fiscal 2007 when it reports its results for the second quarter.

About Pacific Sunwear of California, Inc.
Pacific Sunwear, operating under three distinct retail concepts, is a leading specialty retailer of everyday casual apparel, accessories and footwear designed to meet the needs of active teens and young adults. As of March 15, 2007, the Company operated 843 PacSun stores, 116 PacSun Outlet stores, 151 go-forward demo stores, and nine One Thousand Steps stores for a total of

3450 East Miraloma Avenue • Anaheim, CA 92806 • (714) 414-4000

1,119 stores in 50 states and Puerto Rico. The store counts reported above for demo do not include the 74 stores being closed. PacSun’s website address is www.pacsun.com, merchandise carried in demo stores can be found at www.demostores.com, and information about One Thousand Steps can be found at www.onethousandsteps.com.

Conference Call Information
The Company will be hosting a conference call today at 1:45 pm Pacific Time. A telephonic replay of the conference call will be available beginning approximately two hours following the call for one week and can be accessed in the United States/Canada at (800) 642-1687 or internationally at (706) 645-9291; pass code: 2026999. For those unable to listen to the live Web broadcast on the Company’s investor relations website at www.pacsun.com or to utilize the call-in replay, an archived version will be available on the Company’s investor relations website through midnight, March 15, 2008.

Pacific Sunwear Safe Harbor

This press release contains “forward-looking statements” including, without limitation, statements regarding the Company’s earnings projections for the first half of fiscal 2007, its assumption of flat to low single digit comp store sales results for the first half of fiscal 2007, and its expectation that approximately 80% of first half earnings will be generated in the second quarter of fiscal 2007. In each case, these statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company intends that these forward-looking statements be subject to the safe harbors created thereby. The Company is hereby providing cautionary statements identifying important factors that could cause the Company’s actual results to differ materially from those projected in such forward-looking statements. The statements regarding fiscal 2007 earnings estimates are not historical facts and involve estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in such forward-looking statements. Such uncertainties which could adversely affect our business and results include, among others, the following factors: our assumption of comparable same store sales during the first half of fiscal 2007 may be wrong and actual comparable same store sales may be higher or lower; our new concept (One Thousand Steps) is untested and may not be profitable or successful; changes in consumer demands and preferences may adversely affect our performance; higher than anticipated markdowns and/or higher than estimated selling, general and administrative costs; higher than anticipated costs associated with the previously announced planned closure of 74 demo stores; competition from other retailers and uncertainties generally associated with apparel retailing; merchandising/fashion sensitivity; sales from private label merchandise, expansion and management of growth; reliance on key personnel; dependence on a single distribution facility; economic impact of natural disasters, terrorist attacks or war/threat of war; shortages of supplies and/or contractors, as a result of natural disasters or terrorist acts, could cause unexpected delays in new store openings, relocations or expansions; reliance on foreign sources of production; credit facility financial covenants and other risks outlined in the company’s SEC filings, including but not limited to the Annual Report on Form 10-K for the year ended January 28, 2006 and subsequent periodic reports filed with the Securities and Exchange Commission. Historical results achieved are not necessarily indicative of future prospects of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur after such statements are made. Nonetheless, the Company reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

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3450 East Miraloma Avenue • Anaheim, CA 92806 • (714) 414-4000

PACIFIC SUNWEAR OF CALIFORNIA, INC.
SUMMARY STATEMENTS OF INCOME
(unaudited, in thousands except share and per share data)

	Fourth Quarter Ended				Fiscal Year Ended
	FEB. 3,		JAN. 28,		FEB. 3,		JAN. 28,
	2007		2006		2007		2006
Net sales	$	458,236	$	424,944	$	1,447,204	$	1,391,473
Gross margin		144,365		154,346		445,397		506,491
Selling, G&A expenses		130,464		80,599		385,802		309,218
Operating income		13,901		73,747		59,595		197,273
Interest income, net		1,027		1,841		4,620		5,673
Income before taxes		14,928		75,588		64,215		202,946
Income tax expense		5,865		28,579		24,594		76,734
Net income	$	9,063	$	47,009	$	39,621	$	126,212
Net income per share, basic	$	0.13	$	0.63	$	0.56	$	1.69
Net income per share, diluted	$	0.13	$	0.63	$	0.56	$	1.67
Wtd avg shares outstanding, basic		69,481,032		74,085,637		70,800,912		74,758,874
Wtd avg shares outstanding, diluted		69,815,699		74,846,162		71,170,181		75,713,793

PACIFIC SUNWEAR OF CALIFORNIA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)

	FEB. 3,		JAN. 28,
	2007		2006
ASSETS
Current assets:
Cash & cash equivalents	$	52,267	$	95,185
Short-term investments		31,500		74,911
Inventories		205,213		215,140
Other current assets		46,255		41,485
Total current assets		335,235		426,721
Property and equipment, net		420,886		355,822
Other long-term assets		17,122		25,018
Total assets	$	773,243	$	807,561
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	66,581	$	47,550
Other current liabilities		73,952		74,921
Total current liabilities		140,533		122,471
Deferred lease incentives		89,371		81,440
Deferred rent		30,619		28,748
Other long-term liabilities		9,367		28,112
Total liabilities		269,890		260,771
Total shareholder’s equity		503,353		546,790
Total liabilities and shareholders’ equity	$	773,243	$	807,561

3450 East Miraloma Avenue • Anaheim, CA 92806 • (714) 414-4000

PACIFIC SUNWEAR OF CALIFORNIA, INC.
CONDENSED CONSOLIDATED CASH FLOWS
(unaudited, in thousands)

	FISCAL YEAR ENDED
	FEB. 3,			JAN. 28,
	2007			2006
Cash flows from operating activities:
Net income	$	39,621		$	126,212
Depreciation & amortization		72,529			63,161
Non-cash stock-based compensation		6,220			—
Tax benefits related to exercise of stock options		556			8,378
Loss on impairments/disposals		25,536			300
Changes in operating assets and liabilities:
Inventories		9,927			(40,380	)
Accounts payable and other current liabilities		13,344			26,935
Other assets and liabilities		(6,093	)		(341	)
Net cash provided by operating activities		161,640			184,265
Cash flows from investing activities:
Purchases of short-term investments		(296,031	)		(813,538	)
Maturities of short-term investments		339,442			817,850
Capital expenditures		(157,788	)		(109,174	)
Net cash used in investing activities		(114,377	)		(104,862	)
Cash flows from financing activities:
Repurchases of common stock		(99,346	)		(65,643	)
Proceeds from exercise of stock options		8,570			18,667
Excess tax benefits related to stock-based compensation		942			—
Repayments under long-term debt and capital leases		(347	)		(1,550	)
Net cash used in financing activities		(90,181	)		(48,526	)
Net decrease in cash and cash equivalents		(42,918	)		30,877
Cash and cash equivalents, beginning of period		95,185			64,308
Cash and cash equivalents, end of period	$	52,267		$	95,185

PACIFIC SUNWEAR OF CALIFORNIA, INC.
SELECTED STORE OPERATING DATA

	FEB. 3,			JAN. 28,
	2007			2006
Stores open at beginning of fiscal year		1,105			990
Stores opened during the fiscal year		100			126
Stores closed during the fiscal year		(6	)		(11	)
Stores open at end of period		1,199			1,105
PacSun stores		849			811
Outlet stores		116			96
demo stores (1)		225			198
One Thousand Steps stores		9			—
Total stores		1,199			1,105
Total square footage at end of period (in 000’s)		4,324			3,931

(1) Store counts for demo as of February 3, 2007 include the 74 underperforming stores planned to be closed during fiscal 2007.

3450 East Miraloma Avenue • Anaheim, CA 92806 • (714) 414-4000