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Men's wholesale unit perks up Perry Ellis Q2 revenues

23
Aug '05
Fashion apparel company Perry Ellis International Inc reported record total revenues for the second quarter ended July 31, 2005 of $190 million compared to $126 million during the second quarter ended July 31, 2004.

This represents an increase of $63.6 million, or 50.3 percent, compared to the second quarter of fiscal 2005. For the six months ended July 31, 2005, total revenue was $416 million compared to $324 million in the prior year, an increase of $92 million, or 28.4 percent, over the prior year period.

The Company's second quarter revenue increase was driven by strong organic sales growth of 12 percent in the Company's men's wholesale operations, as well as an increase of approximately $50 million due to the acquisition of the Tropical Sportswear International (TSI) business completed during the first quarter.

Due to seasonality, second quarter operations typically result in losses. The Company reported improved results in the second quarter of this year, reporting a net loss of $2.4 million, or $0.25 per share, compared to a net loss of $2.6 million, or $0.29 per share for the comparable quarter of last year.

For the first half ended July 31, 2005, Perry Ellis' net income was $6.5 million compared to $5.6 million in the prior year, a 16 percent increase over the same period last year. Earnings per diluted share for the six months ended July 31, 2005 were $0.65 compared to $0.59 per share during the first six months of last year, animprovement of 10 percent.


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