Perry Ellis International Inc. reported a decline in third-quarter profits and revenues Wednesday, but met the high end of its recently revised guidance.
This story first appeared in the November 25, 2008 issue of WWD. Subscribe Today.
For the three months ended Oct. 31, profits at the Miami-based apparel firm fell 41.4 percent to $5 million, or 33 cents a diluted share, from $8.5 million, or 55 cents a share, last year. Total revenues in the quarter dropped 2 percent to $222.8 million from $227.5 million a year ago.
Per share earnings were on target with the guidance the company issued last week of 30 cents to 33 cents a share, down from the consensus estimate at the time of 55 cents a share.
“Our third-quarter results were influenced by the financial tsunami in which our country is immersed,” chairman and chief executive officer George Feldenkreis said on a conference call with investors. “Given everything that is happening, we feel that our company performed very well.”
In the first nine months of fiscal 2009, Perry Ellis profits fell 52.3 percent to $8.7 million, or 57 cents a share, from $18.3 million, or $1.16 a share, last year. Revenues in the period rose 1.3 percent to $660.1 million from $651.5 million a year ago.
Last week, in addition to updating its earnings guidance, the company disclosed a series of cost-cutting moves and said it initiated a review of several of its brands and underperforming businesses.