Reduction of private label replenishment bottoms biz at Perry Ellis

08 Jan '09

5 min read

Accordingly, the Company updated its fiscal 2009 earnings guidance to the range of $0.55 to $0.65 per fully diluted share from the previously announced range of $0.90 to $1.10 per fully diluted share. The Company also revised its revenue guidance for the twelve months ending January 31, 2009 (“fiscal 2009”) from the $875 - $900 million to the $860 - $870 million range.

Mr. Feldenkreis commented, “We believe there will be great opportunities for strong companies, like ours, to pick up market share from competitors either through M&A or by exclusivity with retailers. Several of our competitors are in a weak financial condition and trading in businesses which have declined more than the rest of the industry. While we are planning for a weak first half of 2009, we believe our actions will enable us to maximize profitability and sales in this difficult environment.”

The Company indicates that based on the cost reduction initiatives and initial bookings for fiscal 2010, it expects to exceed the current mean estimate on First Call of $1.05 per fully diluted share.

“We feel confident that the actions we have taken during fourth quarter will significantly enhance our profitability next year. However, at current time we still need to finalize our bookings for the first half of next year before we are comfortable issuing our fiscal 2010 guidance. Our final 2010 guidance will be provided when we announce our fourth quarter and full fiscal 2009 results this March,” Mr. Feldenkreis concluded.

Perry Ellis International Inc

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