Home / Knowledge / News / Apparel/Garments / Perry Ellis Q1 FY'14 sales fall marginally
Perry Ellis Q1 FY'14 sales fall marginally
23
May '13
Perry Ellis International, Inc. reported results for the first quarter ended May 4, 2013 ("first quarter of fiscal 2014").

Highlights:

- Revenue of $262.3 million in line with guidance
- GAAP net income and EBITDA totaled $11.3 million and $24.3 million, respectively
- Adjusted net income and EBITDA totaled $9.5 million and $20.0 million, respectively
- Diluted GAAP EPS of $0.74 and adjusted EPS of $0.62 per share
- Inventory totaled $168 million, as compared to $167 million last year
- Company reaffirms guidance for 2014 revenue and adjusted diluted EPS in the range of $1.50 to $1.60, respectively

Results from Operations

For the first quarter of fiscal 2014, total revenues were $262.3 million compared to $265.5 million reported in the first quarter of fiscal 2013. Revenues were in line with guidance and included increases across several of the Company's core businesses, including golf lifestyle apparel, men's accessories and Nike performance swim. These increases were offset by anticipated reductions in men's classification private label pants, as well as softness in its direct-to-consumer channel.

Oscar Feldenkreis, President & Chief Operating Officer of Perry Ellis International, commented, "We had a solid start to the year and are pleased with our first quarter results. Our results were delivered even as we faced challenges created by unseasonal weather and economic budgetary measures that impacted consumer spending.

"During the quarter, we made strong progress on our Perry Ellis and Rafaella collections and managed our inventory tightly to maximize profitability. We expanded gross margin as a total Company and in our retail stores reflecting the strong acceptance of our products despite reduced store traffic that impacted overall transactions and total sales. We were also pleased with the strength of our business in Mexico and Canada, which benefited from a favorable response to our golf apparel and Perry Ellis collection businesses."

Gross margin expanded to 33.8% as compared to 33.0% in the first quarter last year. The expansion was driven by improved performance in the Company's collection sportswear businesses, as well as higher gross margins in the golf apparel and direct-to-consumer which favorably impacted the mix for the quarter.

Selling, general, and administrative ("SG&A") expenses were $70.7 million, compared to $66.3 million in the first quarter last year and included $2.0 million and $0.8 million of strategic initiatives costs, respectively. The remaining increase in SG&A versus the prior year reflects incremental investment in marketing and employee expenses.

Operating income of $21.5 million included the sale of the John Henry trademark in certain international territories in Asia resulting in a gain of $6.3 million or $0.22 per share. Mr. Feldenkreis commented, "This transaction highlights the strength our brands carry internationally as well as domestically. We will continue to review our portfolio and take advantage of strategic opportunities."

Net income was $11.3 million, or $0.74 fully diluted earnings per share ("EPS"), compared to $9.7 million, or $0.64 EPS in the comparable prior year period.

Perry Ellis International

Must ReadView All

Courtesy: American Apparel

Apparel/Garments | On 25th Feb 2017

Gildan to make some American Apparel products outside US

Gildan Activewear, which recently acquired US fashion brand American...

Courtesy: Kolon Sport

Apparel/Garments | On 25th Feb 2017

Kolon Sport to set up JV with ANTA for Chinese market

Kolon Sport, an outdoor gear and clothing brand of Korea based Kolon...

Designer Karishma Jumani with Niraj Jawanjal, founder and director of IIFW. Courtesy: IIFW

Textiles | On 25th Feb 2017

IIFW to bring together premium lingerie brands

India Intimate fashion Week (IIFW), dedicated to showcasing the...

Interviews View All

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search