Perry Ellis International Inc. said Wednesday that it narrowed its second-quarter loss by nearly two-thirds and raised its full-year guidance based on its better-than-expected results.
For the three months ended July 31, the company said that the net loss attributable to Perry Ellis was $2 million, or 15 cents a diluted share, compared with a loss of $5.3 million, or 42 cents, in the year-ago quarter. Revenues rose 1.6 percent to $161.8 million from $159.2 million, which included a sales gain of 1.7 percent to $155.6 million from $153 million. The balance of revenues was from royalty income.
Gross margin in the quarter expanded to 35.8 percent of sales from 31.2 percent in the 2009 period.
George Feldenkreis, chairman and chief executive officer, said, “Despite the continued uncertainty in the consumer environment today, we remain vigilant yet confident that our business platforms will continue to perform to our expectations and allow us to continue on our path of revenue growth and gross margin expansion throughout the remainder of the year.” He noted that the men’s market in particular continues to outpace other segments in the retail space.
The Miami-based firm updated its fiscal 2011 full-year earnings guidance to between $1.53 and $1.68 a share from its previous forecast range of $1.45 to $1.60. Full-year revenue guidance of $775 million to $795 million remained the same.
For the six months, income was $9.2 million, or 66 cents a diluted share, from $541,000, or 4 cents, last year. Total revenues were up 0.8 percent to $382.1 million from $379.2 million.
Shares closed at $21.32, up 85 cents, or 4.2 percent.