Perry Ellis International Pre-Announces Preliminary Second Quarter Results for Fiscal 2011 & Updates Full Year Earnings Guidance
August 17 2010 - 7:00AM
Business Wire
Perry Ellis International, Inc. (NASDAQ:PERY) announced today,
that based on preliminary estimates for its second quarter ended
July 31, 2010 (“second quarter fiscal 2011”), the Company expects
revenue of approximately $162 million, compared to $159 million
during the comparable period last year. Revenues grew approximately
9%, excluding the planned exit of $11 million in unprofitable
businesses from last year.
Perry Ellis branded wholesale business as well as its owned
retail stores were significant contributors to the company's
revenue growth and earnings during second quarter fiscal 2011.
Preliminary second quarter results for fiscal 2011 show
continued strong gross margin expansion, operating income and loss
per fully diluted share improvement over the comparable period last
year. Second quarter fiscal 2011 loss per fully diluted share is
expected to be in the range of ($0.15) – ($0.17). This is compared
to loss per fully diluted share of ($0.42) during the same period
last year.
“Continuing to execute on our strategy of branded product and
reducing our exposure to lower margin businesses is a key for Perry
Ellis International’s long-term success,” commented Oscar
Feldenkreis, President and COO. “Allocating resources and focusing
on our branded growth platforms especially Perry Ellis Collection,
Golf, Hispanic, and Swim will better position our Company to
continue on its path of growth and further solidify its position as
an industry leader in the men’s apparel arena.”
The Company continued solidifying its financial position
throughout second quarter fiscal 2011. Positive operating cash flow
provided the Company with the ability to re-purchase an additional
$25 million of its senior notes, while also ending the quarter with
full availability on its senior credit facility.
The Company will report its final financial results for the
second quarter of fiscal year 2011 on Wednesday, August 25 2010
before the market opens and sponsor a call with management on the
same day at 11:00 a.m. EDT to provide a full update on its
results.
About Perry Ellis International
Perry Ellis International, Inc. is a leading designer,
distributor and licensor of a broad line of high quality men's and
women's apparel, accessories, and fragrances. The Company's
collection of dress and casual shirts, golf sportswear, sweaters,
dress and casual pants and shorts, jeans wear, active wear 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®, Cubavera®, Centro®, Solero®,
Munsingwear®, Savane®, Original Penguin® by Munsingwear®, Grand
Slam®, Natural Issue®, Pro Player®, the Havanera Co.®, Axis®,
Tricots St. Raphael®, Gotcha®, Girl Star®, MCD® John Henry®, Mondo
di Marco®, Redsand®, Manhattan®, Axist® and Farah®. The Company
enhances its roster of brands by licensing trademarks from third
parties including Pierre Cardin® for men’s sportswear, Nike® and
Jag® for swimwear, and Callaway®, TOP-FLITE®, PGA TOUR® and
Champions Tour® for golf apparel. Additional information on the
Company is available at http://www.pery.com.
Safe Harbor Statement
We caution readers that the forward-looking statements
(statements which are not historical facts) in this release are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are based on current expectations rather than historical
facts and they are indicated by words or phrases such as
"anticipate," "could," "may," "might," "potential," "predict,"
"should," "estimate," "expect," "project," "believe," "plan,"
"envision," "continue," "intend," "target," "contemplate," or
"will" and similar words or phrases or comparable terminology. We
have based such forward-looking statements on our current
expectations, assumptions, estimates and projections. While we
believe these expectations, assumptions, estimates and projections
are reasonable, such forward-looking statements are only
predictions and involve known and unknown risks and uncertainties,
and other factors that may cause actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements, many of which are beyond our control.
These factors include: general economic conditions, a significant
decrease in business from or loss of any of our major customers or
programs, anticipated and unanticipated trends and conditions in
our industry, including the impact of recent or future retail and
wholesale consolidation, the effectiveness of our planned
advertising, marketing and promotional campaigns, our ability to
contain costs, disruptions in the supply chain, our future capital
needs and our ability to obtain financing, our ability to integrate
acquired businesses, trademarks, trade names and licenses, our
ability to predict consumer preferences and changes in fashion
trends and consumer acceptance of both new designs and newly
introduced products, the termination or non-renewal of any material
license agreements to which we are a party, changes in the costs of
raw materials, labor and advertising, our ability to carry out
growth strategies including expansion in international and direct
to consumer retail markets, the level of consumer spending for
apparel and other merchandise, our ability to compete, exposure to
foreign currency risk and interest rate risk, possible disruption
in commercial activities due to terrorist activity and armed
conflict, and other factors set forth in Perry Ellis
International's filings with the Securities and Exchange
Commission. Investors are cautioned that all forward-looking
statements involve risks and uncertainties, including those risks
and uncertainties detailed in Perry Ellis' filings with the SEC.
You are cautioned not to place undue reliance on these
forward-looking statements, which are valid only as of the date
they were made. We undertake no obligation to update or revise any
forward-looking statements to reflect new information or the
occurrence of unanticipated events or otherwise.
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