Perry’s Q1 Earnings Encore

by MR Magazine Staff

NEW YORK – Perry Ellis International late Monday reported first quarter results that were slightly better than the preliminary figures reported one week ago.

The Miami, Florida-based apparel marketer and licensor said that, during the three months ended April 30, net income was up 60.8% to $9.5 million, or $0.60 a diluted share, from $5.9 million, or $0.39, in the comparable 2006 period. Eliminating the effect of special charges in the year-ago period, net income was up a less buoyant 20.9%. Analysts had expected EPS of $0.57.

While the earnings performance was on par with last week’s “pre-announcement,” revenues finished higher than expected, ramping up 7.1% to $228.8 million from $214 million, including royalties. The earnings preview had put them at $228 million.

EBITDA (earnings before interest, taxes, depreciation and amortization) increased to 10.1% of sales from 9.6% a year ago.

The company said that increases in revenue derived from golf lifestyle, swimwear and action sports, direct retail and international activities, but were impeded slightly by the shift of some shipment into May from April.

George Feldenkreis, chairman and CEO, commented, “Perry Ellis, AXIST, Grand Slam, Cubavera, PGA Tour and Swimwear brands remain on track for a record year in fiscal 2008.”

Management confirmed earlier full-year guidance for earnings of $1.81 to $1.84 a diluted share and revenues of $900 million to $910 million.