ANAHEIM, Calif. -- Pacific Sunwear of California Inc. said Thursday that its loss narrowed in its fiscal fourth quarter and its revenue improved even as it closed stores.

But its shares tumbled by midday as Wall Street predicted a smaller loss, and the surf-and-skate-inspired retailer's first-quarter forecast missed analysts' estimates.

For the period ended Feb. 2, Pacific Sunwear lost $19.9 million, or 29 cents per share. That compares with a loss of $38.1 million, or 56 cents per share, a year ago.

Excluding store closing charges and other items, its loss from continuing operations was 17 cents per share.

Analysts expected a smaller loss of 16 cents per share, according to a FactSet survey.

Revenue increased 4 percent to $228 million from $218.7 million, which met Wall Street's estimate.

Revenue at stores open at least a year rose 1 percent. This metric is a key indicator of a retailer's health because it excludes results from stores recently opened or closed.

Pacific Sunwear had 644 stores as of March 20. It closed 78 stores in the fourth quarter.

The Anaheim, Calif.-based company's full-year loss narrowed to $52.1 million, or 77 cents per share, from a loss of $106.4 million, or $1.60 per share, in the prior year. Adjusted loss from continuing operations was 47 cents per share.

Annual revenue climbed 3 percent to $803.1 million from $777.3 million.

Pacific Sunwear expects a first-quarter adjusted loss from continuing operations between 17 cents and 24 cents per share. Revenue is forecast in a range of $160 million to $167 million.

Analysts predict a loss of 14 cents per share on revenue of $167.7 million.

The company foresees first-quarter revenue at stores open at least a year in a range of down 3 percent to up 1 percent.

Shares of Pacific Sunwear declined 24 cents, or 10 percent, to $2.20. The stock has traded in a 52-week range of $1.17 to $2.73.