Perry Ellis International, Inc. (NASDAQ:PERY) today reported results for the fourth quarter (“fourth quarter of fiscal 2012”) and the fiscal year ended January 28, 2012 (“fiscal 2012”).
Oscar Feldenkreis, President and Chief Operating Officer of Perry Ellis International commented, “Fiscal 2012 included strong sales and profit growth despite second half challenges driven by the difficult holiday season and product setbacks within our Perry Ellis & Rafaella collection businesses. Importantly, we ended the year in a solid financial position with the processes, initiatives and talent in place to improve our long term operating performance. While we expect some ongoing challenges, we are encouraged by the positive momentum of our core businesses at the start of fiscal 2013 with our priorities intensely focused on our namesake Perry Ellis brand. We remain confident in our strategies and our ability to increase value for Perry Ellis stakeholders.”
Fiscal 2012 Results
Fiscal 2012 revenues were $980.6 million, a 24% increase compared to $790.3 million reported in the prior year ended January 29, 2011 (“fiscal 2011”). Rafaella, which the Company acquired in late January 2011, contributed total revenue of $123.3 million for the year. The Company delivered organic revenue growth of 8.5% led by Golf lifestyle, swim, direct to consumer, and ladies dresses.Net income attributed to Perry Ellis International, Inc. for fiscal 2012 was $25.5 million, or $1.60 per fully diluted share GAAP (“EPS”), compared to $24.1 million, or $1.70 per fully diluted share in fiscal 2011. Net income attributed to Perry Ellis International, Inc. per fully diluted share as adjusted for fiscal 2012 was $1.94 compared to EPS per fully diluted share as adjusted of $1.88 in fiscal 2011. EPS, as adjusted excludes costs related to the early extinguishment of debt, interest, impairment charges of $6.1 million on long-lived assets in fiscal 2012, and impairment charges of $400k for certain retail store leaseholds in fiscal 2011. (See attached reconciliation “Table 1”)