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The first half Gaap gross margin was flat at 37.3 per cent while in the second quarter, gross margin expanded 110 basis points to 38.1 per cent as compared to 37.0 per cent in the prior year period reflecting increases in margin.
In the second quarter of fiscal 2019, selling, general and administrative expenses (SG&A) totaled $75.1 million as compared with $68.4 million in the comparable period of the prior fiscal year. The adjusted EBITDA totaled $8.3 million as compared to $8.5 million in the comparable period of the prior year.
"The second quarter completed a strong first half for Perry Ellis highlighted by core revenue growth, positive comparable store sales and expansion in gross margin, which drove an increase in adjusted pre-tax income versus the prior year first half. While second quarter sales were down in total due primarily to a shift to the first quarter and business exits as expected, of particular strength were our Original Penguin, Golf Sportswear and Nike brands. Clearly, our powerful portfolio of brands, the innovation in fashion and fabrication that resonates with consumers globally supported by a talented team and vast infrastructure continues to serve us well. We believe our brands and business are positioned for success as we enter the fall season," Oscar Feldenkreis, chief executive officer and president, said.
On an adjusted basis, the fiscal 2019 second quarter net income was $2.5 million or $0.16 per diluted share, as compared to adjusted net income of $2.5 million, or $0.16 per diluted share in the second quarter of fiscal 2018.
The company's financial position continues to strengthen. Cash at the end of the second quarter of fiscal 2019 totaled $21 million with borrowings of $7 million on the credit facility. The net debt to total capitalisation stood at 4.7 per cent at the end of the second quarter of fiscal 2019 as compared to 8.6 per cent at the end of the second quarter of fiscal 2018. The improvement was a result of the redemption of the remaining $50 million in notes payable. Working capital management continues to be a critical focus across the organisation as inventory turned at approximately 4 times as of the end of the second quarter of fiscal 2019. (RR)
Fibre2Fashion News Desk – India
| On 7th Aug 2020
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