Perry Ellis International expects decline in FY15 revenues

Perry Ellis International, based on its preliminary results for the fourth quarter and full year said that fiscal 2015 revenue is expected to approximate 890 million dollars, as compared to 912 million dollars in fiscal 2014. Adjusted diluted (EPS) are expected in the range of 0.50 dollar to 0.53 dollars for fiscal year 2015. For the fourth quarter ended January 31, 2015, the company expects total revenue to be approximately 218 million dollars versus 216 million dollars in the comparable prior year ended February 2, 2014. Adjusted diluted earnings per share are currently expected in the range of 0.01dollar to 0.04 dollar.

Commenting on the anticipated results, Oscar Feldenkreis, Vice Chairman, President and Chief Operating Officer, Perry Ellis said, “Our brands and businesses performed well during the fourth quarter, which resulted in positive comparable store sales in our direct-to-consumer business with comparable gross margins increased by 11 percent. The company also saw solid performance in its brands across its retail customers enabling it to meet its profit goals and to reduce markdown assistance from prior year.”

The company noted that it was unable to fill 23 million dollars in sales orders due to late receipt of goods in fiscal 2015 resulting from port delays that have caused in excess of a two week lag in delivering shipments to customers. The company's retail stores and e-commerce business performed well during the fourth quarter posting a 1 percent and 36 percent sales comp increase, respectively. And direct-to-consumer comparable gross margins increased 11 percent. The company’s first quarter within fiscal 2015 is reflecting revenue increases. It has completed additional licensing deals that we will be announced over the coming weeks.

The company is entering fiscal 2016 in a position of strength seeing strong selling trends across many of its brands and products. In fiscal 2016, the company expects total revenues to be in a range of 925 dollars to 935 million dollars. Gross margins for fiscal 2016 should expand 50 to 60 basis points to a range of 34.5 percent to 34.6 percent. It expects adjusted EBITDA to fall in a range of 55 dollars to 58 million dollars or 6 percent to 6.25 percent.