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TheStreet Open House

Perry Ellis International Reports Fourth Quarter Preliminary Fiscal 2013 Earnings

Stocks in this article: PERY

  • Fiscal fourth quarter revenues expected to increase 13% to approximately $258 million vs. $229 million last year
  • Expects fiscal 2013 total revenue to approximate $970 million
  • Fiscal fourth quarter diluted adjusted EPS expected to be in the range of $.48 - $.50
  • Expects adjusted fiscal 2013 EPS guidance in a range of $1.43 to $1.45

MIAMI, Feb. 19, 2013 (GLOBE NEWSWIRE) -- Perry Ellis International, Inc. (Nasdaq:PERY) announced today, that based on its preliminary expectations for the fourth quarter and full year, the Company is providing fourth quarter guidance and updating its expectations for the 2013 fiscal year ended February 2, 2013. The Company noted that the calendar included 53 weeks for fiscal 2013 compared to a 52 week in fiscal 2012 with the additional week occurring in the fourth quarter. The Company noted that the 53rd week was not material to its fiscal 2013 results. The Company expects to report actual fourth quarter and fiscal year 2013 results the week of March 18, 2013.

For the fourth quarter ended February 2, 2013:

  • The Company currently expects total revenue to increase 13% to approximately $258 million versus $229 million in the comparable prior year period ended January 28, 2012 ("fourth quarter of fiscal 2012").
  • Adjusted diluted earnings per share are currently expected in the range of $0.48 to $0.50.

For the 2013 fiscal year ended February 2, 2013:

  • Fiscal 2013 revenue is expected to approximate $970 million, as compared to $981 million in fiscal 2012. 
  • Adjusted diluted earnings per share ("EPS") are expected in the range of $1.43 to $1.45 for fiscal year 2013.
  • Adjusted earnings per fully diluted share exclude costs associated with; (i) the exit of underperforming brands and businesses; (ii) the voluntary retirement program; (iii) the streamlining and consolidating of operations; (iv) strategic initiatives and gains from assets sales; and (v) impairment on long lived assets and certain leasehold improvements.  

The Company noted approximately $14.5 million in planned wholesale shipments shifted from the fourth quarter of fiscal 2013 to the first quarter of fiscal 2014 thus impacting both fourth quarter and fiscal 2013 revenue. These shipments were completed during the first 10 days of fiscal 2014 and resulted from retailers delaying receipts until the following fiscal quarter, as well as late receipts of production. The Company does not believe this delay will impact its spring selling season. This shift is expected to continue and is therefore planned in our fiscal quarters for 2014.

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