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GAAP net income and EBITDA totaled $11.3 million and $24.3 million, respectively
Adjusted net income and EBITDA totaled $9.5 million and $20.0 million, respectively
Diluted GAAP EPS of $0.74 and adjusted EPS of $0.62 per share
Inventory totaled $168 million, as compared to $167 million last year
Company reaffirms guidance for 2014 revenue and adjusted diluted EPS in the range of $1.50 to $1.60, respectively
MIAMI, May 23, 2013 (GLOBE NEWSWIRE) -- Perry Ellis International, Inc. (Nasdaq:PERY) today reported results for the first quarter ended May 4, 2013 ("first quarter of fiscal 2014").
Results from Operations
For the first quarter of fiscal 2014, total revenues were $262.3 million compared to $265.5 million reported in the first quarter of fiscal 2013. Revenues were in line with guidance and included increases across several of the Company's core businesses, including golf lifestyle apparel, men's accessories and Nike performance swim. These increases were offset by anticipated reductions in men's classification private label pants, as well as softness in its direct-to-consumer channel.
Oscar Feldenkreis, President & Chief Operating Officer of Perry Ellis International, commented, "We had a solid start to the year and are pleased with our first quarter results. Our results were delivered even as we faced challenges created by unseasonal weather and economic budgetary measures that impacted consumer spending. During the quarter, we made strong progress on our Perry Ellis and Rafaella collections and managed our inventory tightly to maximize profitability. We expanded gross margin as a total Company and in our retail stores reflecting the strong acceptance of our products despite reduced store traffic that impacted overall transactions and total sales. We were also pleased with the strength of our business in Mexico and Canada, which benefited from a favorable response to our golf apparel and Perry Ellis collection businesses."