The Miami-based firm reported that it would launch its spring 2013 Perry Ellis by Duckie Brown collection exclusively with New York-based Scoop as the brand continued to gain visibility from its Very Perry marketing campaign.

Oscar Feldenkreis, president and chief operating officer, said the third quarter was marked by “continued positive momentum in our golf and direct-to-consumer platforms, substantial progress on our initiatives to improve our Perry Ellis and Rafaella collection businesses and the disciplined management of expenses and continued strong cash flow.”

For the three months ended Oct. 27, net income fell 51.1 percent to $3.2 million, or 21 cents a diluted share, from $6.5 million, or 40 cents, in the 2011 period. On an adjusted basis, earnings per share was 25 cents, 2 cents better than the analyst consensus estimate.

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Revenues backtracked 4.9 percent to $236.2 million, on par with estimates, from $248.4 million as sales dropped 5.3 percent, to $229.3 million, and royalties rose 9.7 percent, to $6.9 million. Gross margin receded to 32.1 percent of revenues from 33.2 percent a year ago.

“We remain mindful of slightly higher levels of margin pressure in our collection business as we move through the fall season,” Anita Britt, chief financial officer, said on a conference call Thursday. “And as we convert these businesses to our upgraded and fresher merchandising mix beginning with holiday and spring 2013, we expect margins to expand. We also expect strong margins in our core golf as well as our direct-to-consumer markets.”

She noted that, as part of a strategic review of the company’s extensive brand portfolio, it had exited the licensed Pierre Cardin men’s sportswear, collegiate and action sports businesses, among others, representing about $20 million in annual volume.

“And we expect to complete the remainder of our exits and asset sales over the next two fiscal quarters,” she added.

Eric Beder, analyst at Brean Capital LLC, who continues to rate the stock a “buy,” moved his price target for it to $27 from $26, citing “the impending return to prominence of the company’s two key turnaround names, Rafaella and the namesake brand. When combined with highly impressive inventory controls and further market-share gains in golf and Hispanic lines, we believe momentum in the Perry Ellis turnaround is gaining steam.”

The firm maintained full-year guidance for sales of between $990 million and $1 billion and adjusted EPS of $1.75 to $1.80, set against analysts’ expectations of $991.8 million in revenues and adjusted EPS of $1.78.

For the nine months, net income backtracked 56.1 percent, to $10.4 million or 68 cents a diluted share, as revenues fell 5.3 percent to $711.2 million.