Perry Ellis International Reports Third Quarter Fiscal 2017 Results

MIAMI, Nov. 17, 2016 (GLOBE NEWSWIRE) -- Perry Ellis International, Inc. (NASDAQ:PERY) today reported results for the third quarter ended October 29, 2016 ("third quarter of fiscal 2017").

Key Fiscal Third Quarter 2017 Financial and Operational Highlights:
  • Third quarter revenue totaled $194 million in line with guidance.
  • Gross margin expanded 100 basis points to 36.7% from 35.7% in comparable period of prior year.   Adjusted gross margin expanded 110 basis points to 36.8%. 
  • Adjusted diluted earnings per share totaled $0.23, ahead of guidance. GAAP loss per share of $0.34, includes $0.55 per share in pension plan termination costs. 
  • Inventory decreased 23% to $112 million as compared to $145 million at the end of the third quarter of prior year. 
  • Company remains comfortable with full-year adjusted EPS guidance in a range of $1.95 to $2.00

Oscar Feldenkreis, Chief Executive Officer of Perry Ellis International commented: "We are pleased with our third quarter results, which were ahead of our expectations, continuing our positive momentum from the first half of the year.  Revenues declined in total, reflecting the balance of the impact of the exit of non-core brands and negative currency exchange rates.  Importantly, we delivered growth in our key lifestyle brands of Perry Ellis and Golf Lifestyle as well as Nike swim, expansion in gross margin and expense discipline, which combined drove a solid increase in adjusted diluted earnings per share over the prior year quarter.  We attribute our consistent positive performance to the intense focus on what we do best - bringing relevant, innovative product to the marketplace, intensifying our relationships with consumers and driving operational excellence across all areas of our business.  We ended the quarter with extremely clean inventory levels and brands and businesses well positioned for the final quarter of the year."

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