NEW YORK (TheStreet) -- Shares of Perry Ellis International Inc.
(PERY) are up 8.29% to $20.89 after the apparel company said today it will continue its strategic review of the company's portfolio of brands and plans to exit non-core, low-growth brands and businesses, the Wall Street Journal reports.
The company has exited 23 private and exclusive brands since it started its effort to narrow its focus in the fiscal 2014 year.
Perry Ellis said its fiscal second quarter loss narrowed, though its revenue came in weaker than expected.
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For the period ended August 2, the company reported a loss of $1.6 million, or 11 cents per share, compared with a loss of $2.8 million, or 19 cents per share, a year ago.
Excluding special items, the company reported a loss of eight cents a share, compared with a loss of 15 cents a year earlier. Revenue declined 3.9% to $203.5 million.
Analysts polled by Thomson Reuters recently expected a loss of 12 cents a share on revenue of $209 million.
TheStreet Ratings team rates ELLIS PERRY INTL INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate ELLIS PERRY INTL INC (PERY) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that we have evaluated. At the same time, however, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."
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