Home / Knowledge / News / Fashion / Combined growth in golf lifestyle brands - Perry Ellis

Combined growth in golf lifestyle brands - Perry Ellis

20
Aug '09
Perry Ellis International, Inc. reported results for the second quarter ended August 1, 2009 (“second quarter of fiscal 2010”).
Second Quarter Results from Operations
Oscar Feldenkreis, President and COO commented, “We are proud of delivering a second quarter slightly ahead of last year's net earnings, particularly under very challenging times. Perry Ellis International's management has acted decisively to reduce costs and respond to the challenges created by the current macroeconomic environment. We are pleased with the progress we have made and we remain laser focused on improving the performance of our divisions.”

Net loss for the second quarter of fiscal 2010 at $5.3 million represents a slight improvement to a loss of $5.4 million during the quarter ended July 31, 2008 (“second quarter of fiscal 2009”). Despite this improvement, and driven by a reduced number of shares outstanding, the Company reported a loss of $0.42 per fully diluted share compared to a loss of $0.36 for the same period last year. This compares positively to Thomson's First Call consensus of a loss of $0.57 for the Company during the second quarter of fiscal 2010.

Driven by strict cost controls as well as the cost cutting initiatives announced during the fourth quarter of last year, the Company's second quarter operating expenditures decreased by $12.9 million to $51.1 million, compared to $64.0 million for the second quarter of fiscal 2009. These reductions led to an EBITDA for the quarter of $1.5 million. A table showing the reconciliation of EBITDA and EBITDA-as-adjusted to net income is attached.

During the second quarter of fiscal 2010, gross margins at 30.9% decreased by 120 bps impacted by the planned exit and inventory liquidation of the licensed PING golf and Dockers outerwear businesses, compared to 32.1% for the second quarter of fiscal 2009. Margins were also challenging in swimwear products and bottoms private label programs.

“Close collaboration with our retail partners, better mark-down management through our sophisticated planning systems and acute strategic door management provided for a reduction in markdowns and sales allowances from 9% of gross sales in Q2 last year to approximately 7% this year,” Mr. Feldenkreis continued.

For the second quarter of fiscal 2010, total revenues decreased by 17.8%, or $34.5 million, to $159.2 million compared to $193.7 million reported in the second quarter of fiscal 2009. Compared to second quarter last year, the Company increased revenues in several of its core businesses including:
(i) Continued strong performance at mid-tier retailers across the modern, golf and Hispanic lifestyles;
(ii) Combined growth in golf lifestyle brands - Champions Tour, Pro Player and Links Edition brands; and
(iii) Successful introduction of the Merona swim program and Hispanic lifestyle brand Café Luna.

“We have seen acceleration in order demand for these categories for the fall season and the second half of the year.


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 19th Aug 2019

Hanoi considers safeguards for apparel sector under CPTPP

Vietnam's ministry of industry and trade is drafting a circular to...

Pic: Shutterstock

Textiles | On 19th Aug 2019

Swedish TMAS helps members quickly react to market changes

The Textile Machinery Association of Sweden (TMAS) offers member...

Pic: NRF

Retail | On 19th Aug 2019

July sales for clothing down 1.6% y-o-y in US: NRF

Sales for clothing and clothing accessory stores were down 1.6 per...

Interviews View All

Sanjay Yagnik, Maa Tex Speciality

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Amit Jain, Shingora Textiles Ltd

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Top executives, Textile industry

Top executives
Textile industry

Knowledge sharing platform needed for sustainable water management

Carmen Silla,

Carmen Silla

Leading the transformation of the textiles industry with disruptive...

Teresa Neal,

Teresa Neal

Teresa Neal, an art professional with 25 years of experience, in...

Riddhi Jain,

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Keith McMillen, Bebop Sensors

Keith McMillen
Bebop Sensors

Bebop Sensors' smart fabrics allows for a new level of interaction between ...

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Suresh Patel, Sidwin Fabric

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


August 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search