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Perry Ellis makes considerable progress in Q1
19
May '12
Perry Ellis International Inc. reported results for the first quarter ended April 28, 2012 (“first quarter of fiscal 2013”).

Results from Operations

For the first quarter of fiscal 2013, total revenues were $265.5 million compared to $288.3 million reported in the first quarter of fiscal 2012. Revenues were ahead of guidance with increases in several of the Company's core businesses, including the golf platform distributed through department and mid-tier stores; the direct-to-consumer channel; and Laundry by Shelli Segal dresses. As expected, total revenues for the quarter trailed the prior year, driven by conservative sportswear purchases by department stores following a challenging fall and holiday season.

Oscar Feldenkreis, President, & Chief Operating Officer of Perry Ellis International commented, “We are pleased with the results we achieved in the first quarter of fiscal 2013. During the quarter, we made considerable progress toward revitalizing our core brand performance.

“By implementing major enhancements, we have positioned our Perry Ellis & Rafaella sportswear collections for improved performance in the fall and holiday seasons. While we will maintain a conservative approach to our business, we believe our actions are moving our business in the right direction.”

Gross margin for the first quarter of fiscal 2013 was 33.0% compared to 33.6% in the comparable prior year period. For the quarter gross margin was impacted by 30 basis points due to inventory associated with exited businesses throughout fiscal 2013.

Selling, general, and administrative (“SG&A”) expenses for the first quarter of fiscal 2013 increased $2.9 million to $66.3 million compared to $63.4 million in the comparable prior year period. The increase was primarily associated with the expansion of the Company's direct to consumer business in the second half of fiscal 2012 and expenses totaling approximately $800 thousand dollars for costs related to exited brands and business process improvements in the first quarter of fiscal 2013.

Net income for the first quarter of fiscal 2013 was $9.7 million, or $0.64 per fully diluted share (“EPS”), compared to $15.4 million, or $0.99 per fully diluted share in the comparable prior year period.

Diluted EPS, as adjusted for the first quarter of fiscal 2013 was $0.71 compared to EPS per fully diluted share as adjusted of $1.08 in the comparable prior year period. EPS, as adjusted excludes costs for exited brands and distribution center relocation totaling $1.5 million during the first quarter of fiscal 2013.

Earnings before interest, taxes, depreciation, amortization, costs on early extinguishment of debt and costs on exited brands and distribution center relocation (“Adjusted EBITDA”) for the first quarter of fiscal 2013 totaled $22.9 million, or 8.6% of total revenue compared to EBITDA of $33.6 million in the comparable prior year period.

Balance Sheet Update

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