Shares of Perry Ellis International Inc. jumped 15.3 percent after the company posted first-quarter results that bested Wall Street’s expectations.
The Miami-based firm said net income for the three months ended May 3 fell 31.3 percent to $7.8 million, or 52 cents a diluted share, from $11.3 million, or 74 cents, a year ago. Excluding the year-ago gain on the sale of the John Henry trademark in select international territories in Asia, adjusted diluted earnings per share were 55 cents versus 62 cents a year ago. Analysts were expecting 27 cents a share. Operating income fell 30.3 percent to $15 million from $21.5 million. Total revenues for the quarter slipped 1.9 percent to $257.3 million from $262.3 million. Revenues included a 2.2 percent decline in net sales to $249.9 million, with the balance from royalty income. Wall Street was expecting revenues at $233.7 million. Shares of Perry Ellis closed at $17.05 Thursday in Nasdaq trading.
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