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Adjusted diluted EPS halves at Perry Ellis in Q2FY17

22
Aug '16

Courtesy: Perry Ellis

Adjusted diluted EPS at apparel marketer Perry Ellis International halved to $0.15 in the three months ended July 30, 2016 from $0.31 per diluted share in the comparable period of prior fiscal.

However, disciplined inventory management resulted in a $20 million decline in inventory at the end of the second quarter of fiscal 2017 to $134 million as against $154 million in the earlier fiscal's same quarter.

Total revenue also dropped to $202 million, a 5 per cent decrease in the reporting quarter vis-à-vis $213 million in the second quarter of fiscal 2016.

“Increased sales across the company's core global brands were offset by 3 per cent planned business exits as well as 2 per cent reductions in special market revenues,” Perry Ellis explained.

Gross margin expanded 100 basis points to 36.6 per cent in the quarter under review from gross margin of 35.6 per cent in fiscal 2016's second quarter.

“This reflects stronger margin in our men's sportswear, golf lifestyle and Nike businesses as well as expansion in direct to consumer margins,” the apparel and accessories marketer said.

Perry Ellis maintained its fiscal 2017 adjusted EPS guidance in a range of $1.95 to $2.00, but updated revenue guidance to a range of $885-$890 million reflecting changes in currency translation. (AR)

Fibre2Fashion News Desk – India

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