This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Perry Ellis International Updates Outlook For Third Quarter And Full Year Fiscal 2014

MIAMI, Nov. 13, 2013 (GLOBE NEWSWIRE) -- Perry Ellis International (Nasdaq:PERY) today updated its revenue and earnings forecast for third quarter ended November 2, 2013 ("third quarter of fiscal 2014") and full year fiscal 2014.

The Company anticipates revenue to be approximately $222 million compared to $236.2 million for the third quarter of fiscal 2013. The Company had previously anticipated revenue growth to be in a range of even to a decline of 2% over the third quarter of the prior year. The revenues for the third quarter of fiscal 2014 were impacted by reduced shipments primarily due to the reduction of private label business for the mid-tier channel, as well as reduced sales through its direct retail channel. Positively, the Company continued to see strong performance in its golf lifestyle apparel and Nike swim business which performed in line with the Company's plan.

As a result of the reduced revenue, the Company anticipates an adjusted loss per share for the quarter to result in a range of $0.15 to $0.17 as compared to adjusted earnings per share of $0.25 in the same period of prior year. 

For the full fiscal year, the Company anticipates revenues to be in a range of $960 to $970 million as compared to the previous guidance of $985 to $995 million. The reduction reflects the impact of third quarter of fiscal 2014 along with the private label reduction for the mid-tier channel as well as direct retail sales for the remainder of the year. As a result, the Company anticipates adjusted earnings per share for fiscal 2014 in a range of $0.95 to $1.01 as compared to the previous guidance of $1.50 to $1.60.

The Company ended the third quarter of fiscal 2014 with approximately $166 million in inventory compared to $179 million at the end of the second quarter and $157 million in the third quarter of fiscal 2013.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs