Perry Ellis (PERY) - Get Perry Ellis International, Inc. Report posted first-quarter earnings that far surpassed analysts' expectations, sending its shares soaring by more than 20% in Thursday morning trading.
The company, whose brands include Laundry by Shelli Segal and Cubavera, earned $5.8 million, or 46 cents a share -- nearly double analysts' forecast of 25 cents. That compares with $9.1 million, or 60 cents a share, a year earlier.
Revenue fell 10% to $220.0 million from $243.5 million last year, but Perry Ellis saw strength in golf and swimwear sales.
"We remain focused on improving the performance of those businesses challenged during fiscal 2009. The cost reduction efforts we implemented last year are proving successful in bringing these platforms back to profitability," Oscar Feldenkreis, president and COO said in a statement.
Looking forward, the company reaffirmed its guidance of a total revenue decrease in the high single to low double digits, gross margin improvements towards the second half of the year, and expense reductions of approximately $15 million for the entire year.
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