Home / Knowledge / News / Apparel/Garments / Steep hike in fiscal 2015 net loss at Perry Ellis
Steep hike in fiscal 2015 net loss at Perry Ellis
06
Apr '15
Net loss widened steeply by 63.15 per cent at US apparel marketer Perry Ellis International for the 2015 fiscal ended January 31, 2015.

On a GAAP basis, net loss for fiscal 2015 was $37.2 million, or $2.50 per diluted share compared to GAAP net loss of $22.8 million, or $1.52 per diluted share for fiscal 2014.

“Net loss for fiscal 2015 included $2.88 per diluted share in non-cash income tax valuation reserve as described previously,” the apparel distributor said in a press release.

Fiscal 2015 revenues were down to $890 million as compared to $912 million reported in the prior fiscal.

Adjusted earnings per diluted share for fiscal 2015 reached $0.56 compared to adjusted earnings per diluted share of $0.38 in fiscal 2014.

The gross margin for the reporting fiscal touched 34.0 per cent as against 33.2 per cent in fiscal 2014, which it attributed to reduction in promotional activity in the sportswear collection businesses.

Additionally, a more favourable revenue mix between branded and private label revenues, as well as a stronger contribution from its higher margin international and licensing units, helped gross margin climb.

“These margin improvements were partially offset by liquidation of exited programs in golf and sportswear,” Perry Ellis added.

Selling, general and administrative expenses totaled $268.8 million for fiscal 2015 as compared to $272.7 million in fiscal 2014.

According to Perry Ellis, the decline reflects cost reductions associated with its infrastructure review which were partially offset by investments in international growth strategy.

Earnings before adjusted EBITDA for fiscal 2015 reached $39.8 million or 4.5 per cent of total revenue from adjusted EBITDA of $34.8 million for fiscal 2014.

Year-end cash and investments totaled $63.5 million with no borrowings under the credit facility as against $42.4 million in the prior fiscal and $8.2 million drawn under the credit facility.

It has increased its credit facility to $200 million and plans to redeem $100 million of its senior subordinated notes, which will result in annualised interest savings of around $6 million or $.25 per diluted share.

CEO Oscar Feldenkreis said, "During the quarter and throughout the year, we took actions to support and advance our core global brands, grow margins and generate cost efficiencies.”

“In fiscal 2015, we experienced stronger demand for our products, resulting in improved performance at retail and international business also performed well supporting our margin expansion,” he added.

“Many of the external challenges of the prior year are behind us and we are focused on meaningfully improving results and operations by continued execution of our growth and profitability plan," he noted. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Trump open to pushing off Mar 1 deadline for China talks

Textiles | On 21st Feb 2019

Trump open to pushing off Mar 1 deadline for China talks

Expressing optimism over the ongoing ‘complex’ trade talks with...

Chinese textile city to harm Egypt's domestic industry

Textiles | On 21st Feb 2019

Chinese textile city to harm Egypt's domestic industry

Setting up of a Chinese textile city in Egypt will severely harm the...

Pakistan's textile exports up 1.19% in July-Jan FY19

Textiles | On 21st Feb 2019

Pakistan's textile exports up 1.19% in July-Jan FY19

The value of textile and garment exports from Pakistan increased by...

Interviews View All

Divyesh Mashruwala, Akshar Industries

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Varinder Singh Jawanda, Trendy Bharat

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Jim Desai, Blaiva Fabricaa

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Kalai Selvi,

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Oliver Schmitz,

Oliver Schmitz

Germany-based Gmöhling is a leading manufacturer of aluminium containers...

Rajat Jaipuria,

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Georg Reinhold, Trützschler  Nonwovens & Man-Made Fibers

Georg Reinhold
Trützschler Nonwovens & Man-Made Fibers

Trützschler Nonwovens & Man-Made Fibers, a part of the Trützschler Group,...

Davide Vigano, Sensoria

Davide Vigano
Sensoria

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

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

Leave your Comments


February 2019

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

news category


Related Categories:

Advanced Search