- 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 ResultsTotal 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV