Perry Ellis International Inc. reported better-than-expected third quarter earnings, and adjusted their 2016 estimates upwards. By the end of normal trading on Thursday, the company’s stock rose 15.63 percent to close at 20.57.
For the third quarter, Perry Ellis reported a profit of $2.3 million, or 15 cents a share, compared with a loss of $437 million, or three cents a share, a year earlier. As a result the Florida-based company raised its 2016 adjusted earnings per share guidance to the range of $1.81 to $1.88, from its previous guidance of $1.78 to $1.85.
On the downside, third-quarter revenue decreased 2.8% to $205.4 million, in part due to the sale of C&C California, and the company lowered its expectations for yearly revenue to between $910 and $920 million.
In addition to its namesake label, Perry Ellis, the company’s many brands include Rafaella, Callaway Golf, Original Penguin, and Golf Lifestyle.