Shares of Perry Ellis International Inc. lost nearly a quarter of their value on Wednesday after the company projected a third-quarter loss and sharply cut its full-year guidance.

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The Miami-based sportswear firm said it expects an adjusted loss per share of 15 cents to 17 cents for the three months ended Nov. 2, versus year-ago earnings of 25 cents a share. Analysts, on average, had expected the just-completed quarter to yield a profit of 13 cents a share.

Revenues for the period are projected to fall 6 percent to about $222 million from $236.2 million in the third quarter of 2012. Earlier, the company said it expected a sales performance ranging from flat to down 2 percent.

The company, with a packed portfolio of owned brands including Rafaella and Laundry by Shelli Segal, cited “reduced shipments primarily due to the reduction of private-label business for the midtier channel as well as reduced sales through its direct retail channel.” Its golf lifestyle apparel and Nike swimwear businesses remained strong, the company said.

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Shares ended the day at $15, down $4.47, or 23 percent. At one point in afternoon trading, they sank to $14.91, a 52-week low.

Incorporating the anticipated loss for the third quarter, full-year earnings per share are now expected to land between 95 cents and $1.01, versus a previously projected range of between $1.50 and $1.60. Revenues are seen ending the year between $960 million and $970 million versus prior guidance of between $985 million and $995 million.

The firm will report financial results for the quarter on Nov. 21.

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