As Perry Ellis International Inc. delivered robust top- and bottom-line growth in the third quarter, the company said it acquired the intellectual property rights to the men's and women's surf brands Gotcha and GirlStar from Gotcha International.
NEW YORK — As Perry Ellis International Inc. delivered robust top- and bottom-line growth in the third quarter, the company said it acquired the intellectual property rights to the men's and women's surf brands Gotcha and GirlStar from Gotcha International.
For the quarter ended Oct. 31, Perry Ellis posted net income that rose 12.6 percent to $8.1 million, or 80 cents a diluted share, from $7.2 million, or 72 cents, in the same period last year on sales that climbed 38.7 percent to $214.7 million from $154.7 million. The strong sales increase was bolstered by a 35 percent sales gain from the acquisition of Tropical Sportswear International earlier this year.
In the quarterly report, George Feldenkreis, chairman and chief executive officer, said he was pleased with the results, despite a delay of shipping goods to customers due to Hurricane Wilma. Feldenkreis said that because of the negative impact of "macroeconomic factors, coupled with industry consolidation uncertainty," the company was forced to lower its 2006 revenue forecast to between $850 million and $860 million, which is below its previous estimate of $890 million.
"Despite this reduction, due to improved margin performance and tighter expense control, including the successful integration of Tropical Sportswear with the rest of the company, we are maintaining our earnings guidance for fiscal year 2006 at approximately $2.25 per share," he added.
Oscar Feldenkreis, vice chairman, president and chief operating officer, said in a statement that the firm's Perry Ellis collection "continues to be a strong contributor in department stores, while Axist shows strong gains in the mid-tier."
"Original Penguin is one of the hottest-selling brands among luxury stores, and our retail expansion plans will create new vertical opportunities," the vice chairman added. "We also possess several premier golf brand portfolios in the industry, and we are investing in new marketing initiatives to capitalize on our strength in this category."
Separately, the company said it signed an agreement to acquire the Gotcha and GirlStar trademarks along with the brands' intellectual property license agreements from Gotcha International. Although the company did not say how much it paid for the brands, it did say the cash transaction is expected to close in January, "subject to satisfaction of closing conditions set forth in the asset purchase agreement."
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