Home / Knowledge / News / Apparel/Garments / Perry Ellis announces Moody's updates its rating to positive
Perry Ellis announces Moody's updates its rating to positive
29
Jun '10
Perry Ellis International, Inc. announced that Moody's Investors Service updated its ratings outlook on the Company to Positive and concurrently affirmed its B2 Corporate Family and Probability of Default Ratings, as well as the B3 rating on its subordinated notes.

In its report dated June 24, 2010, Moody's stated that: "The positive outlook reflected its expectation for sustained improvement in Perry Ellis' operating performance, which is supported by the resumption of profitable growth through incremental business with existing and new customers and margin improvement through cost containment and better inventory management." Moody's also noted that Perry Ellis has also significantly improved its liquidity and credit metrics over the last nine months, aided by strong free cash flow and debt reduction.

George Feldenkreis, Chairman and CEO, stated: "We are pleased that Moody's recognized the significant improvement in our operating performance, profitability and cash flow by revising upward its outlook on our debt to a positive rating. Our strategies, which focus on maximizing the performance of our growth platforms while repositioning or exiting lower margin and slower growth businesses, has positioned our Company for consistent and sustained growth in the current fiscal year and beyond. During the first quarter of fiscal 2011, this led to a 420 basis point increase in gross profit margin to 35.7%; a more than doubling in first quarter earnings per share and a reduction in total net debt to capitalization to 30% at quarter end from 44% at the end of the first quarter last year. We remain committed to our strategies, which we expect to lead to increased value for all Perry Ellis stakeholders."

Separately, the Company also noted that on June 24th, it renewed its existing shelf registration statement which was to expire at the end of July by filing a universal shelf registration statement with the Securities and Exchange Commission. The shelf registration statement may be utilized to offer debt securities, preferred and common stock and other securities in order to provide the Company with flexibility to respond to future financing opportunities. No offering is currently contemplated by the Company.

Perry Ellis International Inc

Must ReadView All

Textiles | On 20th Feb 2017

UK textile & apparel exports up 7.05% in 2016: UKFT

The exports of apparel and textiles from the UK have increased by...

Textiles | On 20th Feb 2017

Himatsingka Seide incorporates subsidiary in Europe

Himatsingka Seide Ltd, one of the largest producers of home textiles...

Courtesy: Green Initiatives

Apparel/Garments | On 20th Feb 2017

Green Initiatives launches Re:Form to end textile waste

Green Initiatives, a non-government institution, has launched...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Paolo Ocleppo
Sandvik Hyperion

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

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search