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Adjusted diluted EPS of $0.38 for fiscal 2014 exceeds updated guidance of $0.34 - $0.37 as compared to $1.45 last year
Company announces a $42.9 million non-cash writedown, primarily for intangible assets associated with brands that will be de-emphasized
Fiscal 2014 GAAP loss per share of $1.52 compared to net income per diluted share of $0.97 last year
MIAMI, April 3, 2014 (GLOBE NEWSWIRE) -- Perry Ellis International, Inc. (Nasdaq:PERY) today reported results for the fourth quarter ("fourth quarter of fiscal 2014") and the fiscal year ended February 1, 2014 ("fiscal 2014").
Oscar Feldenkreis, president and chief operating officer of Perry Ellis International commented, "We were disappointed with the results of fiscal 2014. The year saw significant challenges, with unseasonal weather, consumer indifference to apparel, and declines in mall and outlet center traffic all negatively impacting our business. We also experienced a fundamental shift in the business model favoring national brands over private and exclusive brands, thereby impacting revenues and near term profitability. On a positive note, there were many encouraging areas: our overall golf lifestyle apparel business, international, as well as Nike swim continued to be strong. Licensing income grew dramatically in the fourth quarter reflecting the strength of our core brands, and gross margins expanded by 170 bps in the fourth quarter reflecting the strength of these businesses coupled with our successful turnaround of the Rafaella sportswear collection."
Fiscal 2014 Fourth Quarter Results
Total revenue for the fourth quarter of fiscal 2014 was $216 million, a 16% decrease compared to $258 million reported in the fourth quarter of fiscal 2013. Revenues were adversely impacted by both inclement weather country wide as well as a cautious consumer. As a result, the Company saw a lack of replenishment orders across many of the business platforms.