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Perry Ellis International Reports Third Quarter Fiscal 2014 Results

  • Total revenue of $222.1 million in line with Company updated guidance
  • GAAP loss per fully diluted share of $0.20
  • Adjusted loss per fully diluted share of $0.15
  • Company maintains updated full fiscal 2014 adjusted diluted EPS guidance in a range of $0.95 to $1.01
  • Company sees full fiscal 2014 GAAP diluted EPS guidance in a range of $0.97 to $1.03

MIAMI, Nov. 21, 2013 (GLOBE NEWSWIRE) -- Perry Ellis International, Inc. (Nasdaq:PERY) today reported results for the third quarter ended November 2, 2013 ("third quarter of fiscal 2014").

Third Quarter Results from Operations

In the third quarter of fiscal 2014, total revenues were $222.1 million compared to $236.2 million in the quarter ended October 27, 2012 ("third quarter of fiscal 2013") and in-line with the Company's updated guidance. The Company noted that continued growth within golf lifestyle apparel, the Nike Swim and the licensing business was offset by reductions in private and proprietary branded businesses in the mid-tier channel as well as negative comparable store sales in its own direct retail channel.

Oscar Feldenkreis, president and chief operating officer, commented, "Our third quarter was disappointing as difficult performance in our direct to consumer and mid-tier channel businesses offset improvement in our focus areas of golf and collection sportswear. To this end, we continued with a positive momentum across all channels within our golf lifestyle apparel category, and our Rafaella collection sportswear business experienced a measured improvement in trend for the fall selling season. We did experience lighter traffic patterns and reduced consumer enthusiasm for spending during the quarter – most noticeably in the latter half of the fiscal quarter, which resulted in negative comparable store sales as compared to the three consecutive years of cumulative double digit comparable stores sales growth. We are focusing on a localization strategy for each of our stores in order to return to strong, positive comparable store selling performance as well as enhancing operational management where appropriate."

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