Perry Ellis Profitable Again
MIAMI – Perry Ellis International released its second quarter earnings yesterday, reporting a profit of $267,000 (two cents per share). This was a welcome change from the second quarter last year when the company reported a loss of $2.64 million.
Second quarter revenue was $195.3 million, a 14.2% increase over last year’s second quarter revenue of $171.0 million.
Gross profit went up to $61.72 million, compared to $53.85 million in the second quarter last year. Quarterly EBITDA (earnings before interest, taxes, depreciation and amortization) rose 13% to $8.32 million from $3.90 million last year.
Retail consolidation and reductions from important retail stores hit the Perry Ellis brands hard last year. The company credits its good turn this year to the Perry Ellis brand, golf and Hispanic lifestyles, and direct retail.
“We are very satisfied with the 14% organic growth achieved this quarter,” said CEO Oscar Feldenkreis. “The power of our brands and the validity of our multi-brand, multi-channel, multi-product strategy, are clearly evidenced in our record second quarter and first half results. During the first half of fiscal 2008, we achieved solid growth across all platforms and excellent sell-throughs,”
Perry Ellis brands include Perry Ellis and Original Penguin by Munsignwear. License deals include Dockers outerwear and Nike swimwear.
