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Perry Ellis Q1'FY14 net revenues exceed guidance range
22
May '14
Perry Ellis International, Inc. reported results for the first quarter ended May 3, 2014 ("first quarter of fiscal 2015").
 
Highlights: 
-Company reports adjusted diluted EPS of $0.55 for first quarter ahead of guidance range of $0.25 to $0.30 in adjusted diluted EPS.
-Net revenues total $257 million as compared to guidance range of $230 million to $240 million. 
-Diluted GAAP EPS of $0.52 as compared to $0.74 in prior year. 
 
Oscar Feldenkreis, president and chief operating officer of Perry Ellis International commented, "We were encouraged by the results of the quarter which were ahead of our expectations. Despite a slow start to the spring season, we experienced positive momentum beginning in April with particular strength in golf lifestyle apparel, Original Penguin as well as our Nike swim businesses. We were also encouraged by the expansion in gross margin, which increased to 34.1% from 33.8% in the prior year."
 
Solid performance in our direct-to-consumer business resulted in a 5.6% comparable same store sales increase driven by Perry Ellis as well as by our direct e-commerce, which posted a 43% sales increase.
 
Fiscal 2015 First Quarter Results 
Total revenue for the first quarter of fiscal 2015 was $257 million, a 2% decrease compared to $262 million reported in the first quarter of fiscal 2014. As anticipated, revenues were impacted by planned exits of certain private and retailer exclusive branded programs. These exits were almost entirely offset by increases in golf lifestyle apparel, Nike swim and Original Penguin as well as stronger direct-to-consumer revenue results.
 
During the first quarter of fiscal 2015, gross margin expanded to 34.1% as compared to 33.8% in the same period of the prior year. The expansion reflected a favorable business mix as well as better sell-through at retail in our Perry Ellis and Rafaella collection businesses. The margin expansion also reflected reduced freight costs as a result of the infrastructure rationalization program initiated last year. 
 
Selling, general and administrative expenses totaled $69.7 million as compared to $71.0 million in the prior year. The positive benefit from the Company's infrastructure rationalization began to be realized during the first quarter of fiscal 2015. This was partially offset by additional investment in Europe associated with the introduction of Callaway in golf apparel as well as the expansion of Original Penguin across the European Continent.

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