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Perry Ellis International – PERY – Reports Third Quarter Fiscal 2013 Results

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NASDAQ:PERY) reported results for the third quarter ended October 27, 2012 (“third quarter of fiscal 2013”).

  • Total revenue of $236.2 million in line with Company guidance
  • GAAP diluted EPS of $0.21
  • Adjusted diluted EPS of $0.25
  • Golf, women’s contemporary, and direct to consumer businesses continue strong profitable momentum
  • Inventory decreased 21% compared to last year to $157 million
  • Company maintains full fiscal 2013 adjusted diluted EPS guidance in a range of $1.75 – $1.80

PERY – Third Quarter Results from Operations

In the third quarter of fiscal 2013, total revenues were $236.2 million compared to $248.4 million in the quarter ended October 29, 2011 (“third quarter of fiscal 2012”) and in-line with Company guidance of an expected mid-single digit decrease. The Company noted that continued growth within golf, direct to consumer and women’s contemporary was offset by planned decreases in its Perry Ellis and Rafaella collection businesses.

Oscar Feldenkreis, President and Chief Operating Officer, commented, “The third quarter was highlighted by continued positive momentum in our Golf and direct to consumer platforms, substantial progress on our initiatives to improve our Perry Ellis and Rafaella collection businesses and the disciplined management of expenses and continued strong cash flow. We are very pleased with the growth we are driving across our golf platforms through all channels of distribution. Across our direct to consumer business we are generating consistent sales and margin increases fueled by our unique products and focused merchandising planning by door. We are well on our way with our repositioning efforts in our Perry Ellis and Rafaella collection businesses, and expect an improved consumer response to our holiday collections in the fourth quarter and an even greater positive impact in spring 2013.”

Gross margin for the third quarter of fiscal 2013 was 32.1% as compared to 33.2% for the comparable period last year. The decline was attributable to higher promotional levels in the collection businesses coupled with the lower margins on the Callaway transitioned businesses. On the positive side, gross margin expansion was realized in the golf business, as well as in the direct to consumer business.

PERY – Fiscal 2013 Guidance

The Company remains comfortable with revenue guidance ranging from $990 million to $1 billion, as well as fully diluted earnings per share as adjusted in a range of $1.75 to $1.80.

About Perry Ellis International – PERY

Perry Ellis International, Inc. (PERY) is a leading designer, distributor and licensor of a broad line of high quality men’s and women’s apparel, accessories and fragrances, as well as select children’s apparel. PERY’s collection of dress and casual shirts, golf sportswear, sweaters, dress pants, casual pants and shorts, jeans wear, active wear, dresses and men’s and women’s swimwear is available through all major levels of retail distribution. The Company, through its wholly owned subsidiaries, owns a portfolio of nationally and internationally recognized brands, including: Perry Ellis®, Jantzen®, Laundry by Shelli Segal®, C&C California®, Rafaella®, Cubavera®, Ben Hogan®, Centro®, Solero®, Munsingwear®, Savane®, Original Penguin® by Munsingwear®, Grand Slam®, Natural Issue®, Pro Player®, the Havanera Co.®, Axis®, Gotcha®, Girl Star®, MCD®, John Henry®, Mondo di Marco®, Redsand®, Manhattan®, Axist®, Farah®, Anchor Blue® and Miller’s Outpost®. The Company enhances its roster of brands by licensing trademarks from third parties, including: Nike® and Jag® for swimwear, and Callaway®, PGA TOUR® and Champions Tour® for golf apparel.

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edliston
Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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