Cost cuts helped Perry Ellis International Inc. narrow its second-quarter loss, and the apparel firm’s optimistic outlook attracted investors Wednesday.
For the three months ended Aug. 1, the Miami-based vendor reported a loss of $5.3 million, or 42 cents a diluted share, versus a loss of $5.4 million, or 36 cents a share, a year ago. Analysts polled by Yahoo Finance had expected a loss of 57 cents a share, on average.
Revenues in the quarter fell 18.4 percent to $153 million from $187.4 million.
Chairman and chief executive officer George Feldenkreis blamed the bankruptcies of Mervyns, Gottschalks and Goody’s and a reduction in mass market private label business for the sales declines.
Despite the loss of orders, the company improved its bottom line with a 20.9 percent reduction in selling, general and administrative expenses in the quarter to $47.7 million from $60.3 million the previous year. Perry Ellis has shed 181 jobs, or about 9 percent of its U.S. workforce, in the last 12 months.
For the first half of the year, profits fell 85.5 percent to $541,000, or 4 cents a share, from $3.7 million, or 24 cents a share, a year ago. Sales in the six months slid 13.7 percent to $367 million from $425.2 million in the comparable period last year.
The firm said it expects to earn between 70 cents and 85 cents a share for all of fiscal 2010 based on orders for the holiday and spring seasons.
“As we look into the future, we feel that the next six months are definitely going to be better than the same period last year,” Feldenkreis said.
Shares of the manufacturer gained $1.53, or 17.2 percent, in trading Wednesday to close at $10.45.
Earlier this month, the company said Paul Rosengard, group president of Perry Ellis and luxury brands, had left the firm.
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye