Home / Knowledge / News / Apparel/Garments / Steep hike in fiscal 2015 net loss at Perry Ellis
Steep hike in fiscal 2015 net loss at Perry Ellis
06
Apr '15
Net loss widened steeply by 63.15 per cent at US apparel marketer Perry Ellis International for the 2015 fiscal ended January 31, 2015.

On a GAAP basis, net loss for fiscal 2015 was $37.2 million, or $2.50 per diluted share compared to GAAP net loss of $22.8 million, or $1.52 per diluted share for fiscal 2014.

“Net loss for fiscal 2015 included $2.88 per diluted share in non-cash income tax valuation reserve as described previously,” the apparel distributor said in a press release.

Fiscal 2015 revenues were down to $890 million as compared to $912 million reported in the prior fiscal.

Adjusted earnings per diluted share for fiscal 2015 reached $0.56 compared to adjusted earnings per diluted share of $0.38 in fiscal 2014.

The gross margin for the reporting fiscal touched 34.0 per cent as against 33.2 per cent in fiscal 2014, which it attributed to reduction in promotional activity in the sportswear collection businesses.

Additionally, a more favourable revenue mix between branded and private label revenues, as well as a stronger contribution from its higher margin international and licensing units, helped gross margin climb.

“These margin improvements were partially offset by liquidation of exited programs in golf and sportswear,” Perry Ellis added.

Selling, general and administrative expenses totaled $268.8 million for fiscal 2015 as compared to $272.7 million in fiscal 2014.

According to Perry Ellis, the decline reflects cost reductions associated with its infrastructure review which were partially offset by investments in international growth strategy.

Earnings before adjusted EBITDA for fiscal 2015 reached $39.8 million or 4.5 per cent of total revenue from adjusted EBITDA of $34.8 million for fiscal 2014.

Year-end cash and investments totaled $63.5 million with no borrowings under the credit facility as against $42.4 million in the prior fiscal and $8.2 million drawn under the credit facility.

It has increased its credit facility to $200 million and plans to redeem $100 million of its senior subordinated notes, which will result in annualised interest savings of around $6 million or $.25 per diluted share.

CEO Oscar Feldenkreis said, "During the quarter and throughout the year, we took actions to support and advance our core global brands, grow margins and generate cost efficiencies.”

“In fiscal 2015, we experienced stronger demand for our products, resulting in improved performance at retail and international business also performed well supporting our margin expansion,” he added.

“Many of the external challenges of the prior year are behind us and we are focused on meaningfully improving results and operations by continued execution of our growth and profitability plan," he noted. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 21st Jul 2017

No shortage of cotton & yarn in country: Minister

There is no shortage of cotton and yarn in the country, and the...

Pic courtesy: Sutlej Textiles & Industries Ltd

Textiles | On 21st Jul 2017

Sutlej Textiles’ Q1 FY18 EBITDA expands to Rs 76.28 cr

Sutlej Textiles and Industries Ltd (STIL), one of India’s largest...

Textiles | On 21st Jul 2017

CAI revises 2016-17 cotton crop to 337.25 lakh bales

Cotton Association of India (CAI) has upwardly revised cotton crop...

Interviews View All

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X