Perry Ellis (PERY) Stock up on 4Q Earnings, Reiterates Guidance
Shares of Perry Ellis International Inc. (PERY) were trading up +0.58 or +3.25 percent to $18.42 per share in Tuesday’s premarket after the company reported earnings for its fiscal fourth quarter that were mostly in line with expectations early Tuesday. Perry Ellis International stock closed at $17.84 per share, down -0.24 or -1.33 percent in Monday’s regular trading session.
Doral, Florida-based Perry Ellis International Inc. was originally founded by enigmatic American fashion designer, Perry Ellis in 1967.
The company is a leading designer, distributor and licensor of a wide array of high-quality men’s and woman’s clothing, accessories and fragrances. Perry Ellis International’s apparel products include dress and casual collections and swimwear for men and women and are available through all levels of retail distribution. The company’s most recognizable brands include Perry Ellis, Munsingwear, Grand Slam, John Henry, Jantzen, Miller’s Outpost and Rafaella to name only a few.
For the company’s fiscal 2016 fourth quarter ended on January 30th, 2016, Perry Ellis Int. reported a loss of -1.18 per share. Excluding non-recurring items and adjusted for one-time gains and costs, earnings came to $0.35 per share. Revenue for the quarter was $214.4 million. The analyst consensus was for the company to report earnings of $0.36 per share on $214.4 million in revenue.
For the full year, the clothing maker reported a loss of -$7.3 million or $0.49 per share on revenue of $899.5 million. The loss included a non-cash impairment charge of $26.6 million or $1.37 per share that was recorded to reduce the carrying value of intangible assets related to businesses and brands as part of the company’s strategic portfolio rationalization.
Chairman and Chief Executive Officer of Perry Ellis, George Feldenkreis said in the company’s press release that, “While the global retail landscape continues to be uncertain with major foreign currencies largely weakening against the U.S. dollar and unpredictable and volatile global consumer spending, we believe that we will successfully continue to navigate the environment and have taken a prudent approach to our 2017 plan. We believe that our best-in-class teams will continue to manage through the volatility by leveraging our powerful brand platforms and operations, while not losing sight of our long-term vision.”
The company reiterated its guidance for fiscal 2017 given on March 8th. Perry Ellis expects total revenues in the range of $910 million to $915 million, which includes continued foreign exchange pressure of one percent, in addition to a two percent revenue impact from exited or non-core brands. Gross margins for 2017 are forecast to expand 30 to 40 basis points t to 36.1 percent to 36.2 percent with adjusted earnings per share expected to be between $1.90 and $1.95.
Other News About PERY
Perry Ellis International Announces New Licenses for Perry Ellis
New license agreements were struck for distribution in select countries in Central and South America, the Caribbean and Mexico.
Perry Ellis International Announces License Agreement for Farah Brand in Greater China
New licensing agreement with MRH SpaRotica Groupe will introduce the Farah brand in Greater China .
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