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Clothing retailer Perry Ellis cuts Q3FY15 losses
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

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