NEW YORK – Perry Ellis International late Monday issued preliminary first quarter results in which earnings exceeded analysts’ expectations but sales fell short of them.
The Miami-based apparel firm said that its net income for the three months ended April 30 will be $9.5 million, more than 60% above the $5.9 million registered during the comparable 2006 period, which was $7.8 million on a pro forma basis. The projection translates to earnings per diluted share of $0.60, above the $0.57 expected by analysts.
Revenues for the quarter are expected to reach $228 million. Although about 6.5% above the $214 million reported in the comparable period last year, the forecast figure was below the $232.6 million penciled in by analysts.
“We are very satisfied with our first quarter results, which reflect the diversity and strength of our brands and operating platform,” said George Feldenkreis, chairman and chief executive officer of Perry Ellis. “Based on the positive momentum in our business and the growth initiatives we have in place, we have confirmed our annual guidance, expecting fiscal 2008 to represent a record year for Perry Ellis International.”
The company reiterated previously issued estimates for the full year of revenues of $900 million to $910 million and earnings per diluted share of $1.81 to $1.84. Current consensus estimates from analysts are for revenues of $902.8 million and EPS of $1.83.
The company will release its official first quarter results after the close of the markets on May 21.
PEI manufactures, licenses and markets a wide range of apparel, accessories and fragrance products under brand names including Perry Ellis, Jantzen, Original Penguin, Gotcha and Axis.