Perry Ellis International, Inc. (NASDAQ:PERY) today provided an
update on full fiscal year 2011 (“fiscal 2011”) earnings and issued
initial guidance for fiscal year 2012.
Based on preliminary results, the Company expects to report full
fiscal 2011 adjusted earnings per fully diluted share in a range of
$1.82 - $1.85, an increase of 78% for the period ending January 29,
2011, compared with fiscal 2010 adjusted fully diluted earnings per
share of $1.02. Adjusted earnings per diluted share for fiscal 2011
exclude costs associated with the recent acquisition of certain
assets of Rafaella Apparel Group, Inc. (“Rafaella”) and for fiscal
2011 and 2010 impairment charges of certain retail store
leaseholds. (See attached reconciliation of fiscal 2011 and fourth
quarter of fiscal 2011 earning per share (“EPS”) from generally
accepted accounting principles “GAAP” to adjusted earnings per
share).
For the fourth quarter of fiscal 2011, the Company expects to
report fully diluted adjusted EPS in a range of $0.66 - $0.69,
compared with fiscal 2010 fourth quarter adjusted EPS of $0.65. As
reported under GAAP, the Company expects to report full fiscal 2011
EPS in a range of a $1.67- $1.70, as compared with fiscal 2010 EPS
of $1.01 and fiscal 2011 fourth quarter EPS in a range of $0.51 -
$0.54 after the costs described above and as compared to fiscal
2010 fourth quarter EPS of $.64. (See attached reconciliation of
fiscal 2011 and fourth quarter of fiscal 2011 earning per share
from GAAP to adjusted earnings per share).
Additionally, the Company expects full fiscal 2011 revenue to be
approximately $790 million, which is in line with its previously
stated guidance of revenue in excess of $785 million for the year.
This represents an increase of 5% over fiscal 2010 revenues of $754
million. Excluding exited businesses totaling $36 million for
fiscal 2010 associated with mass market programs and an exited
license, fiscal 2011 revenues increased by 10% over fiscal 2010.
Continued strong gross margins are expected to be reported for the
fourth quarter and the full year as well.
“As we begin a new fiscal year, our Company continues to see the
favorable momentum from 2011 continue, which has us extremely well
positioned to fuel organic revenue gains of at least 10%,”
commented George Feldenkreis, Chairman and Chief Executive Officer.
“It is also important to note that despite cost inflation and the
uncertain consumer spending environment, we feel confident in our
ability to increase total revenues, maintain our gross margins and
continue to improve operating metrics,” continued Mr.
Feldenkreis.
Fiscal 2012 Initial Guidance
The Company announced that for the twelve months ending January
28, 2012 (“fiscal 2012”) it anticipates fully diluted earnings per
shares in the range of $2.50 to $2.65 and revenues to reach $1
billion for the full fiscal year 2012.
Oscar Feldenkreis, President, Chief Operating Officer, stated,
“As we enter fiscal 2012 we remain enthusiastic about the
opportunities we see across our Perry Ellis businesses. The
addition of Rafaella brings yet another element to our growth
strategy and provides us with the ability to now meet the needs of
the womens’ sportswear market. We believe that we are in an
outstanding position for this year and beyond.”
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, dresses,
sweaters, dress and casual pants and shorts, jeans wear, active
wear and 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(R), Jantzen(R), Rafaella (R), Laundry
by Shelli Segal(R), C&C California(R), Cubavera(R), Centro(R),
Solero(R), Munsingwear(R), Savane(R), Original Penguin(R) by
Munsingwear(R), Grand Slam(R), Natural Issue(R), Pro Player(R), the
Havanera Co.(R), Axis(R), Tricots St. Raphael(R), Gotcha(R), Girl
Star(R), MCD(R) John Henry(R), Mondo di Marco(R), Redsand(R),
Manhattan(R), Axist(R) and Farah(R). The Company enhances its
roster of brands by licensing trademarks from third parties
including Pierre Cardin(R) for men's sportswear, Nike(R) and Jag(R)
for swimwear, and Callaway(R), TOP-FLITE(R), PGA TOUR(R) and
Champions Tour(R) 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, cthe 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.
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES
Reconciliation of fiscal 2011 and fourth quarter of fiscal 2011
earnings per share from GAAP to adjusted earnings per share.
Three Months Ended Years
Ended January 29, 2011 January 30, 2010
January 29, 2011 January 30, 2010
Net income attributed to Perry Ellis International, Inc. per
share, diluted as reported $ 0.51 - $0.54 $ 0.64 $ 1.67 - $1.70 $
1.01 Plus: Net per share non-recurring acquisition costs 0.13 -
0.13 - Net per share impairment on long-lived assets 0.02 0.01 0.02
0.01 Adjusted net income attributed to Perry Ellis International,
Inc. per share, diluted $ 0.66 -$0.69 $
0.65 $ 1.82 - $1.85 $ 1.02
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