Home / Knowledge / News / Apparel/Garments / Clothing retailer Perry Ellis cuts Q3FY15 losses
Clothing retailer Perry Ellis cuts Q3FY15 losses
26
Nov '14
US based clothing retailer, Perry Ellis International cut its losses and reported positive earnings per share for the third quarter ended November 1, 2014.

On an adjusted basis, third quarter of 2014 net earnings per share was $0.03 as against adjusted net loss per share of $0.15 in the third quarter of 2013.

Third quarter of 2014 revenue amounted to $211 million, down 5 per cent from $222 million the retailer posted in corresponding quarter of last year.

“As anticipated, revenues were impacted by planned exits of certain private and retailer exclusive branded programs, which were completed substantially at the end of the quarter” Perry Ellis said.

“Sales hikes in Original Penguin, Perry Ellis Accessories, Direct to Consumer and International, offset planned reductions in Perry Ellis and Rafaella collection sportswear,” the retailer added.

According to Perry Ellis, reporting quarter sales were also impacted by a $6.0 million shift in revenue to the fourth quarter, due to congestion at West Coast ports.

During the quarter under review, gross margin expanded to 33.3 per cent as compared to 32.1 per cent in the same period of the prior year.

“The 120 basis point expansion reflects the Company's continued effort to focus on higher margin businesses and channels of distribution,” Perry Ellis explained.

Third quarter of the current year SG&A expenses too fell to $64.5 million from $68.5 million last year.

Inventories declined steeply to $166 million from $207 million at year end from a continued focus on disciplined inventory management.

The Company ended the third quarter of 2014 with $53 million in cash and investments and no borrowings under its credit facility.

CEO George Feldenkreis said, “We have seen steady progress over the last three quarters as we have focused our portfolio, cut costs and expanded our profitable licensing and international operations.”

“We enter the last quarter as a more focused company with a clear plan for achieving our goals and building upon our strong heritage and look forward to accelerating our momentum," he added. (AR)

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 7th Dec 2016

New Texprocil chairman bats for increased UPI adoption

Ujwal Lahoti, the new Cotton Textile Export Promotion Council...

RBI Governor Urjit Patel addressing a press conference. Courtesy: Youtube

Textiles | On 7th Dec 2016

Defying expectations, RBI keeps repo rate unchanged

Defying market expectations, the Monetary Policy Committee (MPC) of...

The new OJ 59/1 B. Courtesy: Karl Mayer

Textiles | On 7th Dec 2016

Karl Mayer unveils new LACE.EXPRESS model for apparel

Germany’s leading textile machinery firm, Karl Mayer, has launched a...

Interviews View All

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search