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Perry Ellis COO pleased with strong Q1 results

21 May '10
4 min read

For the three months ended May 1, 2010, earnings per fully diluted share at $.81 represented an increase of $.35 or 76% compared to $.46 for the first quarter ended May 2, 2009. This compares positively to Thomson's First Call consensus earnings of $.60 for the quarter.

Balance Sheet Update
The Company ended the first quarter of fiscal 2011 with $31.8 million in cash compared to $7.1 million at the end of the first quarter of fiscal 2010. In addition, the Company continues to strengthen its balance sheet and remains in an outstanding financial position. The continued focus and discipline in working capital management along with strong retail planning allowed the Company to reduce its inventory position by $10.2 million or 9% to $104.3 million compared to $114.5 million at the end of the first quarter of fiscal 2010. Inventory turnover improved to 4.8 times versus 4.4 times in the prior year period. Accounts receivables were reduced to $134.0 million compared to $154.7 million. This represents a $20.7 million or 13% reduction.

At quarter end, the Company generated $9.8 million in cash from operations and ended the quarter with no borrowings against its $125 million senior credit facility. The Company continued to reduce its overall debt position bringing its total net debt to capitalization ratio to 30% as of May 1, 2010 compared to 34% as of January 30, 2010 and 44% as of May 2, 2009.

Fiscal 2011 Guidance
"As we look ahead we expect our trends to continue favorably," commented George Feldenkreis, Chairman and CEO. "The men's business continues to be strong and for most retailers, performed substantially better than other parts of their businesses. "We have successfully managed the turnaround of several of our underperforming businesses and this has resulted in an improvement in our gross margin. We believe this will be a good year for the Company and consequently have increased our guidance for revenues and earnings for the full year."

Perry Ellis International Inc

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