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Perry Ellis International posts wider loss in Q2

Aug '06
Clothing maker Perry Ellis International Inc reported results for the second quarter ended July 31st 2006 ('second quarter of fiscal 2007'), which were in line with management's previously announced plans, and included a 320 basis point improvement in gross profit margin and a 27 basis point improvement in EBITDA margin.

Second quarter total revenues were $171.0 million, compared to $190.0 million, a 10.0% decrease versus the comparable period last year.

The decline in total revenues during the quarter was anticipated in management's fiscal 2007 plan, and was primarily a result of previously announced reductions of private label and branded programs at a national mid tier chain, the impact of Federated Department Store door closures due to the May Company merger integration and a reduction in off price sales. These factors also impacted total revenues for the six month period ended July 31st 2006, which were $385.0 million, compared to $415.6 million, a 7.4% decrease versus the comparable period last year.

Due to the seasonality of the company's business, second quarter results historically result in losses. For the second quarter of fiscal 2007, the net loss was $0.25 per fully diluted share. This result was the same as the loss per fully diluted share reported during the same period last year, because improved gross margin performance offset the impact of lower total revenues.

Additionally, the second quarter of fiscal 2007 results include a reduction of $0.02 per share for the adoption of Statement of Financial Accounting Standards ("SFAS") 123R requiring the expensing of stock options. These costs are not reflected in prior year results.

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