Perry Ellis International Inc. reported preliminary fourth-quarter and full-year results causing the stock to slip in early trading.
Perry said its fiscal fourth-quarter revenues are expected to be $214 million, which is short of the FactSet estimate of $231 million. The adjusted earnings per share are expected to be approximately 35 cents per share, also shy of the FactSet estimate of 37 cents per share.
Total fiscal 2016 revenue is expected to be roughly $900 million, higher as compared to last year’s $890 million, but missing the Capital IQ estimate of $914 million.
Revenue guidance for fiscal 2017 is forecast to be in the range of $910 million to $915 million, short of the Capital IQ estimate of $949 million. The adjusted diluted EPS guidance for fiscal year 2017 is in the range of $1.90 to $1.95, also missing the Capital IG estimate of $2.08.
“We ended the year with solid momentum in our major brands across all channels as evidenced by our strong gross margin rate, which rose 170 basis points over the prior year,” said Oscar Feldenkreis, president and chief operating officer at Perry Ellis. “While our fourth-quarter sales were impacted by a shift in retailer receipts to the first quarter of fiscal year 2017, our brands and businesses performed well during the fourth quarter, and we also realized positive comparable store sales in our direct-to-consumer business of 3.4 percent.”
Perry Ellis expects to deliver its full fourth quarter and fiscal year 2016 results the week of April 4. Perry Ellis stock has fallen 12 percent over the past year, but in the past month has risen by 6 percent.
Feldenkreis said the company executed six new licensing agreements during the quarter for a total of 26 during the year. He also noted that the fourth quarter was the fourth consecutive quarter of solid increases in gross margin, adjusted earnings before interest, taxes, depreciation and amortization margin and adjusted EPS over the prior year.