On an adjusted basis, the fiscal 2015 first quarter earnings per diluted share were $0.55 as compared to adjusted earnings per diluted share of $0.62 in the first quarter of fiscal 2014. Adjusted earnings per diluted share excludes certain items as outlined in Table 1 Reconciliation of GAAP net income and adjusted diluted earnings per share to adjusted net income and diluted earnings per share.

 

Perry Ellis International, Inc. reported results for the first quarter ended May 3, 2014 ("first quarter of fiscal 2015").Highlights:-Company #

Balance Sheet and Business Update 

The balance sheet ended the quarter in solid shape. Inventories decreased to $177 million from $207 million at fiscal year-end with continued emphasis on increasing turn. The Company continues to focus on its core businesses and brands: a strong branded golf lifestyle portfolio, Original Penguin, Perry Ellis and Rafaella collections as well as Laundry and Savane.

 

Perry Ellis International, Inc. reported results for the first quarter ended May 3, 2014 ("first quarter of fiscal 2015").Highlights:-Company #

The Company also continues to focus on the strategic infrastructure rationalization program, which includes a review of its processes and systems and initiatives aimed at streamlining its supply chain to realize greater efficiencies.

 

Perry Ellis International, Inc. reported results for the first quarter ended May 3, 2014 ("first quarter of fiscal 2015").Highlights:-Company #

George Feldenkreis, chairman and chief executive officer of Perry Ellis International stated, "We are quite pleased with the positive momentum in our businesses. We expect our expenses to continue to downtrend versus prior year over the next several quarters. I believe that we have made solid progress in our international expansion both through our direct operations in Canada, Mexico and Europe as well as in new licensing relationships around the globe. Together with our partners, we are opening new doors and stores, which we expect will drive business and brands going forward." 

 

Perry Ellis International, Inc. reported results for the first quarter ended May 3, 2014 ("first quarter of fiscal 2015").Highlights:-Company #

Fiscal 2015 Guidance 

The Company continues to expect total revenues to be in a range of $910 to $920 million. Given the stronger performance in the first quarter, the Company now expects adjusted earnings per diluted share for fiscal 2015 in a range of $0.80 to $0.95 as compared to the previous guidance range of $0.75 to $0.90.  

 

Perry Ellis International, Inc. reported results for the first quarter ended May 3, 2014 ("first quarter of fiscal 2015").Highlights:-Company #