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Perry Ellis announces fiscal 2009 revenue guidance

18 Mar '08
3 min read

Perry Ellis International Inc reported results for the fourth quarter and fiscal year ended January 31, 2008 (fiscal 2008).

Fiscal 2008 results:
Fiscal 2008 total revenues grew to a record level of $863.9 million, a 4.1% increase compared to $829.8 million reported in the year ended January 31, 2007 ("fiscal 2007"), driven by growth in Perry Ellis Collection, Swim, Golf, Hispanic, Licensing and Retail businesses. Gross margin rose 52 basis points to 33.8% from 33.2% in fiscal 2007, driven by the Company's focus on higher margin branded products.

"We had an outstanding year at Perry Ellis International. We attribute our success to initiatives aimed at expanding our growth platforms while reducing private label offerings," said Oscar Feldenkreis, president and COO. "Our key growth platforms - Perry Ellis Collection, Swim, Golf, Hispanic, Licensing and Retail, are well positioned for future growth following a record performance in fiscal 2008."

Fiscal 2008 EBITDA grew to a record $75.8 million, a $4.9 million or 6.8% increase over fiscal 2007 levels, and EBITDA margins improved 22 basis points to 8.8% of revenues. A table showing the reconciliation of EBITDA to net income is attached. Fiscal 2008 net earnings were $28.2 million compared to fiscal 2007 net earnings of $22.4 million and to pro forma net earnings of $24.4 million.

This represents a 25.7% and 15.6% improvement over last year's earnings, respectively. Pro forma results excludethe after tax impact of $1.9 million in debt extinguishment costs ($0.13 per fully diluted share) incurred as a result of the March 2006 repayment of the Company's $57 million senior secured notes. A table showing the reconciliation of actual to pro forma results is attached.

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