Perry Ellis International Inc. issued preliminary fourth-quarter and full-year earnings that will meet or beat Wall Street's expectations.
For the fourth quarter ended Jan. 31, the firm expects revenues of $212 million versus $231.6 million a year ago, with the decrease of $19 million from the exit of its bottoms private label programs for mass merchants and an anticipated reduction of the bottoms replenishment at midtier retailers. Earnings per diluted share is expected to meet or beat analysts' consensus of 61 cents.
For the full year, earnings per diluted share is anticipated at the previously announced range of $1.78 to $1.81, compared with $1.45 last year. Total revenues are expected at $864 million versus $830 million for 2007.
"Perry Ellis International is now enjoying its strongest financial situation in company history, and with the addition of Laundry and C&C California we look forward to a better fiscal 2009 and beyond," said George Feldenkreis, chairman and ceo.
The firm said strong cash flows allowed the firm to "completely pay off" its credit facility.
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