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Perry Ellis updates full year earnings guidance
Aug '10
Perry Ellis International, Inc. announced, that based on preliminary estimates for its second quarter ended July 31, 2010 ("second quarter fiscal 2011"), the Company expects revenue of approximately $162 million, compared to $159 million during the comparable period last year. Revenues grew approximately 9%, excluding the planned exit of $11 million in unprofitable businesses from last year.

• Revenue growth of approximately 2% to an estimated $162 million compared to $159 million last year
• Preliminary second quarter loss per fully diluted share in the range of ($0.15) - ($0.17) compared to $(0.42) last year
• Operating income in the range of $1.6 - $1.9 million, as compared to an operating loss of ($1.9) million last year
• Company expects fiscal 2011 earnings per diluted share in the range of $1.53 to $1.68 as compared to previous guidance of $1.45 to $1.60 and remains comfortable with full year revenues in the range of $775 million to $795 million

Perry Ellis branded wholesale business as well as its owned retail stores were significant contributors to the company's revenue growth and earnings during second quarter fiscal 2011.

Preliminary second quarter results for fiscal 2011 show continued strong gross margin expansion, operating income and loss per fully diluted share improvement over the comparable period last year. Second quarter fiscal 2011 loss per fully diluted share is expected to be in the range of ($0.15) - ($0.17). This is compared to loss per fully diluted share of ($0.42) during the same period last year.

"Continuing to execute on our strategy of branded product and reducing our exposure to lower margin businesses is a key for Perry Ellis International's long-term success," commented Oscar Feldenkreis, President and COO. "Allocating resources and focusing on our branded growth platforms especially Perry Ellis Collection, Golf, Hispanic, and Swim will better position our Company to continue on its path of growth and further solidify its position as an industry leader in the men's apparel arena."

The Company continued solidifying its financial position throughout second quarter fiscal 2011. Positive operating cash flow provided the Company with the ability to re-purchase an additional $25 million of its senior notes, while also ending the quarter with full availability on its senior credit facility.

Perry Ellis International, Inc. is a leading designer, distributor and licensor of a broad line of high quality men's and women's apparel, accessories, and fragrances. The Company's collection of dress and casual shirts, golf sportswear, sweaters, dress and casual pants and shorts, jeans wear, active wear and men's and women's swimwear is available through all major levels of retail distribution.

Perry Ellis International Inc

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