Perry Ellis continues to see favorable momentum from 2011

15 Feb '11

3 min read

Perry Ellis International Inc provided an update on full fiscal year 2011 earnings and issued initial guidance for fiscal year 2012.

Based on preliminary results, the Company expects to report full fiscal 2011 adjusted earnings per fully diluted share in a range of $1.82 - $1.85, an increase of 78% for the period ending January 29, 2011, compared with fiscal 2010 adjusted fully diluted earnings per share of $1.02.

Adjusted earnings per diluted share for fiscal 2011 exclude costs associated with the recent acquisition of certain assets of Rafaella Apparel Group, Inc and for fiscal 2011 and 2010 impairment charges of certain retail store leaseholds.

For the fourth quarter of fiscal 2011, the Company expects to report fully diluted adjusted EPS in a range of $0.66 - $0.69, compared with fiscal 2010 fourth quarter adjusted EPS of $0.65. As reported under GAAP, the Company expects to report full fiscal 2011 EPS in a range of a $1.67- $1.70, as compared with fiscal 2010 EPS of $1.01 and fiscal 2011 fourth quarter EPS in a range of $0.51 - $0.54 after the costs described above and as compared to fiscal 2010 fourth quarter EPS of $.64.

Additionally, the Company expects full fiscal 2011 revenue to be approximately $790 million, which is in line with its previously stated guidance of revenue in excess of $785 million for the year. This represents an increase of 5% over fiscal 2010 revenues of $754 million. Excluding exited businesses totaling $36 million for fiscal 2010 associated with mass market programs and an exited license, fiscal 2011 revenues increased by 10% over fiscal 2010. Continued strong gross margins are expected to be reported for the fourth quarter and the full year as well.

"As we begin a new fiscal year, our Company continues to see the favorable momentum from 2011 continue, which has us extremely well positioned to fuel organic revenue gains of at least 10%," commented George Feldenkreis, Chairman and Chief Executive Officer. "It is also important to note that despite cost inflation and the uncertain consumer spending environment, we feel confident in our ability to increase total revenues, maintain our gross margins and continue to improve operating metrics," continued Mr. Feldenkreis.

Fiscal 2012 Initial Guidance

The Company announced that for the twelve months ending January 28, 2012 ("fiscal 2012") it anticipates fully diluted earnings per shares in the range of $2.50 to $2.65 and revenues to reach $1 billion for the full fiscal year 2012.

Oscar Feldenkreis, President, Chief Operating Officer, stated, "As we enter fiscal 2012 we remain enthusiastic about the opportunities we see across our Perry Ellis businesses. The addition of Rafaella brings yet another element to our growth strategy and provides us with the ability to now meet the needs of the womens' sportswear market. We believe that we are in an outstanding position for this year and beyond."

Perry Ellis International Inc

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